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The Use Of Hybrid Securities
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Book Synopsis Hybrid Securities by : Kamil Liberadzki
Download or read book Hybrid Securities written by Kamil Liberadzki and published by Springer. This book was released on 2016-04-08 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hybrid capital securities or 'hybrids' offer various benefits. They offer flexibility equity without shareholder dilution, provide protection to senior creditors, are a stable source of long-term funding for healthy companies, and help insurers and banks meet regulatory and rating agency capital requirements. Risks and features of hybrid securities are expressed in the credit spread of some relatively new financial instruments, but no structural fundamentals exist for to price hybrids precisely. This book proposes a model for the pricing of hybrids. It begins by explaining the concept of hybrids as well as their equity- and debt-like characteristics. Different types of hybrids are presented, including preference shares, convertible bonds, contingent convertibles (CoCos) and bail-in bonds. The authors then present analysis of regulatory regimes' impact on hybrids. They discuss the types of hybrid bonds that are contemplated in the Capital Requirements Regulation (CRR) and Banking Union mechanism. They then present an in-depth examination of hybrids pricing and risk assessment techniques. The book provides a comprehensive analysis from mathematical, legal and financial perspectives in order to look at relatively new financial instruments and address problems with the pricing models of hybrids which are as yet unsolved.
Book Synopsis The Use of Hybrid Securities by : Benjamin Kleidt
Download or read book The Use of Hybrid Securities written by Benjamin Kleidt and published by Springer Science & Business Media. This book was released on 2007-12-03 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: Benjamin Kleidt analyzes why firms decide to issue hybrid securities. He provides insights into the financing behaviour of issuing firms with regard to operating and stock price performance prior and subsequent to hybrid security issues and shows that issuance motives for the use of different forms of hybrid securities are as diverse as available structures for this asset class.
Book Synopsis The Handbook of Hybrid Securities by : Jan De Spiegeleer
Download or read book The Handbook of Hybrid Securities written by Jan De Spiegeleer and published by John Wiley & Sons. This book was released on 2014-05-19 with total page 421 pages. Available in PDF, EPUB and Kindle. Book excerpt: Introducing a revolutionary new quantitative approach to hybrid securities valuation and risk management To an equity trader they are shares. For the trader at the fixed income desk, they are bonds (after all, they pay coupons, so what's the problem?). They are hybrid securities. Neither equity nor debt, they possess characteristics of both, and carry unique risks that cannot be ignored, but are often woefully misunderstood. The first and only book of its kind, The Handbook of Hybrid Securities dispels the many myths and misconceptions about hybrid securities and arms you with a quantitative, practical approach to dealing with them from a valuation and risk management point of view. Describes a unique, quantitative approach to hybrid valuation and risk management that uses new structural and multi-factor models Provides strategies for the full range of hybrid asset classes, including convertible bonds, preferreds, trust preferreds, contingent convertibles, bonds labeled "additional Tier 1," and more Offers an expert review of current regulatory climate regarding hybrids, globally, and explores likely political developments and their potential impact on the hybrid market The most up-to-date, in-depth book on the subject, this is a valuable working resource for traders, analysts and risk managers, and a indispensable reference for regulators
Book Synopsis The Use of Hybrid Securities to Raise Capital in Australian Listed Markets by : Jo-Ann Suchard
Download or read book The Use of Hybrid Securities to Raise Capital in Australian Listed Markets written by Jo-Ann Suchard and published by . This book was released on 2001 with total page 734 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Exempt and Hybrid Securities Offerings by : Anna T. Pinedo
Download or read book Exempt and Hybrid Securities Offerings written by Anna T. Pinedo and published by . This book was released on 2011-11-16 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The use of exempt and hybrid securities offerings has become increasingly popular in the past decade. This title provides you with comprehensive guidance on how to structure them. Packed with checklists, transactional timelines, SEC guidance, and a wealth of labor-saving sample documents, the second edition of Exempt and Hybrid Securities Offerings shows you the relative advantages and drawbacks of the most commonly used forms of exempt and hybrid offerings, while clearly explaining the mechanics of conducting venture private placements - traditional PIPE transactions - structured PIPE transactions - institutional (debt) private placements - Rule 144A offerings - Regulation S offerings - expedited shelf takedowns - registered directs - at-the-market offerings - confidentially marketed public offerings - and continuous issuance programs, including MTN and CP programs. This comprehensive three-volume treatise is completely updated to integrate the impact of the Dodd-Frank Act and other regulatory changes resulting from the recent financial downturn.
Book Synopsis Hybrid Financial Instruments in International Tax Law by : Jakob Bundgaard
Download or read book Hybrid Financial Instruments in International Tax Law written by Jakob Bundgaard and published by Kluwer Law International B.V.. This book was released on 2016-11-15 with total page 498 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial innovation allows companies and other entities that wish to raise capital to choose from a myriad of possible instruments that can be tailored to meet the specific business needs of the issuer and investor. However, such instruments put increasing pressure on a question that is fundamental to the tax and financial systems of a country – the distinction between debt and equity. Focusing on hybrid financial instruments (HFIs) – which lie somewhere along the debt-equity continuum, but where exactly depends on the terms of the instrument as well as on applicable laws – this book analyses their treatment under both domestic law and tax treaties. Key jurisdictions, including the EU, some of its Member States, and the United States, are covered. Advocating for a broader scope of application of HFIs as part of the financing of companies in Europe alongside traditional sources of debt and equity financing, the book addresses such issues and topics as the following: • problems associated with the debt-equity distinction in international tax law; • cross-border tax arbitrage and linking rules; • drivers behind the use and design of HFIs; • tax law impact of perpetual and super maturity debt instruments, profit participating loans, convertible bonds, mandatory convertible bonds, contingent convertibles, preference shares and warrant loans on HFIs; • financial accounting treatment; • administrative guidance; • influence of the TFEU on Member States’ approaches to classification of HFIs; • interpretation of the Parent-Subsidiary Directive by the European Court of Justice; • applicability of the OECD Model Tax Convention; and • implications of the OECD Base Erosion and Profit Shifting (BEPS) project. Throughout this book, the analysis draws upon preparatory works, case law, and legal theory in English, German, and the Scandinavian languages. In conclusion, the author considers tax policy issues, and identifies and outlines possible high-level solutions. Actual or potential users of HFIs will greatly appreciate the clarity and insight offered here into the capacity and tax implications of HFIs. The book not only examines whether existing legislation is sufficient to handle the issues raised by international HFIs, but also provides an in-depth analysis of the interaction between corporate financing and tax law in the light of today’s financial innovation. Corporate executives and their counsel will find it indispensable in the international taxation landscape that is currently coming into view, and academics and policymakers will hugely augment their understanding of a complex and constantly changing area of tax law.
Book Synopsis Structured Products & Hybrid Securities by : Satyajit Das
Download or read book Structured Products & Hybrid Securities written by Satyajit Das and published by Wiley. This book was released on 2001-01-23 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is both a comprehensive introduction to the booming ($200 billion) structured note market, and a practical reference on the mechanics of the structuring process. Readers get detailed coverage of all major types of structured notes across all types of assets. This updated and expanded Second Edition features increased or entirely new coverage of equity linked notes; convertible pricing; credit-linked notes; inflation linked securities; and CAT insurance linked bonds.
Book Synopsis Contingent Convertible Bonds, Corporate Hybrid Securities and Preferred Shares by : Marcin Liberadzki
Download or read book Contingent Convertible Bonds, Corporate Hybrid Securities and Preferred Shares written by Marcin Liberadzki and published by Springer. This book was released on 2019-06-17 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a comprehensive guide to the new generation of hybrid securities: subordinated and perpetual bonds with deferrable coupon first issued around 2003, and the youngest member of the hybrids family named CoCos (contingent convertibles) being a product of Basel III or European Union CRD IV regime (2014). Contingent capital constitutes a contractual recapitalization mechanism for troubled financial institutions. An increasing number of European banks have issued CoCo bonds in order to bolster their capital ratios. Following the EU pattern, CoCos issues have become increasingly popular within banks in Asia and the Pacific. The EU regulatory treatment of the contingent convertibles issued by banks and insurers together with bank bail-in instruments is at the forefront of the book. Furthermore, the book provides an overview of hybrids pricing and risk assessment approach and covers the non-voting preferred stocks as another hybrids class.
Book Synopsis Capital Structure and Corporate Governance by : Lorenzo Sasso
Download or read book Capital Structure and Corporate Governance written by Lorenzo Sasso and published by Kluwer Law International B.V.. This book was released on 2013-08-01 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite a clear distinction in law between equity and debt, the results of such a categorization can be misleading. The growth of financial innovation in recent decades necessitates the allocation of control and cash-flow rights in a way that diverges from the classic understanding. Some of the financial instruments issued by companies, so-called hybrid instruments, fall into a grey area between debt and equity, forcing regulators to look beyond the legal form of an instrument to its practical substance. This innovative study, by emphasizing the agency relations and the property law claims embedded in the use of such unconventional instruments, analyses and discusses the governance regulation of hybrids in a way that is primarily functional, departing from more common approaches that focus on tax advantages and internal corporate control. The author assesses the role of hybrid instruments in the modern company, unveiling the costs and benefits of issuing these securities, recognizing and categorizing the different problem fields in which hybrids play an important role, and identifying legal and contracting solutions to governance and finance problems. The full-scale analysis compares the U.K. law dealing with hybrid instruments with the corresponding law of the most relevant U.S. jurisdictions in relation to company law. The following issues, among many others, are raised: decisions under uncertainty when the risks of opportunism of the parties is very high; contract incompleteness and ex post conflicts; protection of convertible bondholders in mergers and acquisitions and in assets disposal; use of convertible bonds to reorganise and restructure a firm; timing of the conversion and the issuer’s call option; majority-minority conflict in venture capital financing; duty of loyalty; fiduciary duties to preference shareholders; and financial contract design for controlling the board’s power in exit events. Throughout, the analysis includes discussion, comparison, and evaluation of statutory provisions, existing legal standards, and strategies for protection. It is unlikely that a more thorough or informative account exists of the complex regulatory problems created by hybrid financial instruments and of the different ways in which regulatory regimes have responded to the problems they raise. Because business parties in these jurisdictions have a lot of scope and a strong incentive to contract for their rights, this book will also be of uncommon practical value to corporate counsel and financial regulators as well as to interested academics.
Book Synopsis Hybrid Corporate Securities by : Roger McCormick
Download or read book Hybrid Corporate Securities written by Roger McCormick and published by . This book was released on 1987 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: Various kinds of corporate securities discussed and its tax aspects (dividends, interest, transfers, capital gains etc.) in Austria, Canada, France, German Federal Republic, the Netherlands, Switzerland, United Kingdom and the USA. Contributed by various authors as arisen from the 20th Biennial Conference of the International Bar Association in Vienna in September 1984.
Book Synopsis Hybrid Securities by : John Wilbur Hansen
Download or read book Hybrid Securities written by John Wilbur Hansen and published by . This book was released on with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Critical Infrastructure Protection Against Hybrid Warfare Security Related Challenges by : A. Niglia
Download or read book Critical Infrastructure Protection Against Hybrid Warfare Security Related Challenges written by A. Niglia and published by IOS Press. This book was released on 2016-10-12 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hybrid conflicts are characterized by multi-layered efforts to undermine the functioning of the State or polarize society. This book presents results, recommendations and best practices from the NATO Advanced Research Workshop (ARW) "Critical Infrastructure Protection Against Hybrid Warfare Security Related Challenges", held in Stockholm, Sweden, in May 2016. The main objective of this workshop was to help and support NATO in the field of hybrid conflicts by developing a set of tools to deter and defend against adversaries mounting a hybrid offensive. Addressing the current state of critical infrastructure protection (CIP) and the challenges evolving in the region due to non-traditional threats which often transcend national borders – such as cyber attacks, terrorism, and attacks on energy supply – the widely ranging group of international experts who convened for this workshop provided solutions from a number of perspectives to counter the new and emerging challenges affecting the security of modern infrastructure. Opportunities for public-private partnerships in NATO member and partner countries were also identified. The book provides a highly topical resource which identifies common solutions for combating major hazards and challenges – namely cyber attacks, terrorist attacks on energy supply, man-made disasters, information warfare and maritime security risks – and will be of interest to all those striving to maintain stability and avoid adverse effects on the safety and well-being of society.
Book Synopsis Hybrid Securities : DBRS Policy Regarding the Treatment of Hybrids for Non-financial Issuers by : Dominion Bond Rating Service
Download or read book Hybrid Securities : DBRS Policy Regarding the Treatment of Hybrids for Non-financial Issuers written by Dominion Bond Rating Service and published by . This book was released on 2000 with total page 6 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Dodd-Frank ACT by : U.s. Government Accountability Office
Download or read book Dodd-Frank ACT written by U.s. Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-08-03 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: " Hybrid capital instruments are securities that have characteristics of both equity and debt. The Federal Reserve allowed bank holding companies to include limited amounts of hybrid instruments known as trust preferred securities in the highest level of required capital (Tier 1), although other federal banking regulators never approved these or other hybrid instruments for this purpose. Responding to concerns that these instruments did not perform well during the 2007-2009 financial crisis, in 2010 the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) required regulators to establish rules that will exclude the instruments from Tier 1 capital and required GAO to study the possible effects of this provision. This report addresses (1) the use, benefits, and risks of hybrid instruments as Tier 1 capital; (2) the potential effects of the exclusion on banking institutions and the economy; and (3) options for smaller banking institutions to access regulatory capital. For this work, GAO analyzed data from financial regulatory filings and other sources, interviewed regulators and market participants, conducted economic analysis, and surveyed smaller banking institutions. GAO makes no recommendations in this report. GAO provided a draft to the banking regulators for their review and comment. FDIC and"
Book Synopsis Hybrid Securities by : Hiroki Aoyama
Download or read book Hybrid Securities written by Hiroki Aoyama and published by . This book was released on 2007 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis International Convergence of Capital Measurement and Capital Standards by :
Download or read book International Convergence of Capital Measurement and Capital Standards written by and published by Lulu.com. This book was released on 2004 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :American Bar Association. House of Delegates Publisher :American Bar Association ISBN 13 :9781590318737 Total Pages :216 pages Book Rating :4.3/5 (187 download)
Book Synopsis Model Rules of Professional Conduct by : American Bar Association. House of Delegates
Download or read book Model Rules of Professional Conduct written by American Bar Association. House of Delegates and published by American Bar Association. This book was released on 2007 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
