H
ybrid debt, once considered one of the riskiest corners of the financial world, has become this year's most lucrative trade, yielding returns unseen in over a decade. Subordinated bonds, also known as hybrids, have surged more than 75% in value, outperforming even Nvidia Corp.'s stock by 20 percentage points. The top 10 performers among these securities have seen returns of approximately 170%, a remarkable turnaround that few predicted when landlords worldwide were struggling with debt burdens.