Interest rate securities - also known as hybrids - are exchange-traded instruments that combine some of the features of equity securities with some of the features of debt securities. Typically, they more closely resemble a debt instrument at the time of issuance, but may convert into equity at a pre-determined time in the future, or if certain conditions are satisfied. It is important to understand that not all instruments have the same terms and conditions, therefore careful consideration of each security is recommended.
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