The Handbook of Hybrid Securities

Convertible Bonds, CoCo Bonds, and Bail-In

Author: Jan De Spiegeleer,Wim Schoutens,Cynthia Van Hulle

Publisher: John Wiley & Sons

ISBN: 1118450027

Category: Business & Economics

Page: 408

View: 5833

Introducing a revolutionary new quantitative approach to hybridsecurities valuation and risk management To an equity trader they are shares. For the trader at the fixedincome desk, they are bonds (after all, they pay coupons, so what'sthe problem?). They are hybrid securities. Neither equity nor debt,they possess characteristics of both, and carry unique risks thatcannot be ignored, but are often woefully misunderstood. The firstand only book of its kind, The Handbook of Hybrid Securitiesdispels the many myths and misconceptions about hybrid securitiesand arms you with a quantitative, practical approach to dealingwith them from a valuation and risk management point of view. Describes a unique, quantitative approach to hybrid valuationand risk management that uses new structural and multi-factormodels Provides strategies for the full range of hybrid asset classes,including convertible bonds, preferreds, trust preferreds,contingent convertibles, bonds labeled "additional Tier 1," andmore Offers an expert review of current regulatory climate regardinghybrids, globally, and explores likely political developments andtheir potential impact on the hybrid market The most up-to-date, in-depth book on the subject, this is avaluable working resource for traders, analysts and risk managers,and a indispensable reference for regulators

The Use of Hybrid Securities

Market Timing, Investor Rationing, Signaling and Asset Restructuring

Author: Benjamin Kleidt

Publisher: Springer Science & Business Media

ISBN: 9783835090774

Category: Business & Economics

Page: 164

View: 1607

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.

Hybrid Securities

Structuring, Pricing and Risk Assessment

Author: Kamil Liberadzki,Marcin Liberadzki

Publisher: Springer

ISBN: 113758971X

Category: Business & Economics

Page: 224

View: 5981

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.

Capital Markets and Securities FAQs

Author: N.A

Publisher: Morrison & Foerster LLP

ISBN: 0988706407


Page: N.A

View: 4532

FAQs. FAQs (or Frequently Asked Questions), written and published by lawyers at Morrison & Foerster LLP, a leading capital markets firm (, provides plain English explanations of the most popular types of financing or capital formation transactions, as well as explanations relating to related securities law issues. Written for practitioners, entrepreneurs, start-ups, public companies, investors, bankers and other financial intermediaries, and compliance professionals, FAQs avoids lawyer and banker jargon and provides clear and concise discussions that answer the questions most commonly asked in connection with securities offerings and ongoing securities reporting requirements. You will find discussions about IPOs, Rule 144A, PIPE transactions, Regulation S, Medium-Term Note Programs, Shelf Registration Statements, Foreign Private Issuers and much, much more. The FAQs are organized in a user-friendly way, with a table of contents for each set of FAQs, so you can jump to particular questions (and answers) within a topic area, or search the book to find answers to your questions. For more information about Morrison & Foerster’s Capital Markets Practice, visit For more updates, follow Thinkingcapmarkets, our Twitter feed:

United States Securities Law

A Practical Guide

Author: James M. Bartos,Jim Bartos

Publisher: Kluwer Law International B.V.

ISBN: 9041123628

Category: Law

Page: 299

View: 2943

Capital raising, mergers and acquisitions and securities trading around the world often involve some connection with the United States and implicate the US securities laws. United States Securities Law: A Practical Guide ,offers a concise overview of US securities laws from the perspective of a non-US participant. It is written not only for lawyers but for managers, bankers and others with an interest in the topic. This new edition has been significantly updated and expanded, including for the SEC's recent offering reforms and corporate governance developments. Praise for the Second Edition: This book has been a valuable resource in effectively counselling my company in the intricacies of SEC regulation. Jim, with his many years of counselling foreign issuers out of his firms London office, writes with a perspective that is particularly relevant to the needs of foreign companies listed on US exchanges. George Miller, Executive Vice President and General Counsel, Novartis Corporation. A well written and useful primer for those looking for quick, practical answers to real life questions or who wish to understand better the background and rationale to US securities law and regulation. Leland Goss, Managing Director, Credit Suisse. This book really is a practical guide to the US securities laws. It does a great job of explaining the rules and regulations in a way that can be understood by readers that are not themselves US securities lawyers. Peter Castellon, Director andamp; Counsel, Citigroup Corporate andamp; Investment Banking.

Structured Products & Hybrid Securities

Author: Satyajit Das

Publisher: Wiley

ISBN: 9780471847755

Category: Business & Economics

Page: 1129

View: 8727

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.

Understanding the Financial Score

Author: Henry E. Riggs

Publisher: Morgan & Claypool Publishers

ISBN: 1598291688

Category: Business & Economics

Page: 159

View: 6298

Financial statements and information drawn from them confront us daily: in the media, in corporate annual reports, in the treasurer’s reports for clubs or religious groups, in documents provided to employees and managers, as one considers alternative investments, in documents provided by homeowners’ association and government agenciesVarious readers of a company’s “financial score†make decisions based on financial information: the company’s managers devise actions to improve operations; investors buy or sell the corporation’s securities; creditors decide how much to lend; customers judge the reliability of this supplier; potential employees decide whether to invest their careers in the company.If you are training to be an accountant, find another book. This book’s objective is to increase your ability to draw useful information from financial statements, and thus to make better decisions—in both your personal life and your professional life. Studying this book should help you be a better manager. That is both its objective and its perspective.The book starts at square one; it assumes no prior knowledge on your part. To increase your financial literacy, you will learn the common nomenclature (but not esoteric jargon) used by accountants and financial experts. You will be equipped to ask insightful questions of experts, to engage them and your colleagues in thoughtful debates about financial and accounting issues, and to make better decisions.



Author: N.A

Publisher: 清华大学出版社有限公司

ISBN: 9787302030706

Category: Corporations

Page: 552

View: 9123


Corporate Finance

Theory and Practice

Author: Pierre Vernimmen,Pascal Quiry,Maurizio Dallocchio,Yann Le Fur,Antonio Salvi

Publisher: John Wiley & Sons

ISBN: 1118849299

Category: Business & Economics

Page: 1000

View: 6496

Merging theory and practice into a comprehensive,highly-anticipated text Corporate Finance continues its legacy as one of the mostpopular financial textbooks, with well-established content from adiverse and highly respected author team. Unique in its features,this valuable text blends theory and practice with a direct,succinct style and commonsense presentation. Readers will beintroduced to concepts in a situational framework, followed by adetailed discussion of techniques and tools. This latest editionincludes new information on venture finance and debt structuring,and has been updated throughout with the most recent statisticaltables. The companion website provides statistics, graphs, charts,articles, computer models, and classroom tools, and the freemonthly newsletter keeps readers up to date on the latesthappenings in the field. The authors have generously madethemselves available for questions, promising an answer inseventy-two hours. Emphasizing how key concepts relate to real-world situations iswhat makes Corporate Finance a valuable reference with realrelevance to the professional and student alike. Readers will gaininsight into the methods and tools that shape the industry,allowing them to: Analyze investments with regard to hurdle rates, cash flows,side costs, and more Delve into the financing process and learn the tools andtechniques of valuation Understand cash dividends and buybacks, spinoffs, anddivestitures Explore the link between valuation and corporate finance As the global economy begins to recover, access to the mostcurrent information and statistics will be required. To remainrelevant in the evolving financial environment, practitioners willneed a deep understanding of the mechanisms at work. CorporateFinance provides the expert guidance and detailed explanationsfor those requiring a strong foundational knowledge, as well asmore advanced corporate finance professionals.

Exotic Derivatives and Risk

Theory, Extensions and Applications

Author: Mondher Bellalah

Publisher: World Scientific

ISBN: 9812797475

Category: Business & Economics

Page: 600

View: 8430

This book discusses in detail the workings of financial markets and over-the-counter (OTC) markets, focusing specifically on standard and complex derivatives. The subjects covered range from the fundamental products in OTC markets, standard and exotic options, the concepts of value at risk, credit derivatives and risk management, to the applications of option pricing theory to real assets.To further elucidate these complex concepts and formulas, this book also explains in each chapter how theory and practice go hand-in-hand. This volume, a culmination of the author's 12 years of professional experience in the field of finance, derivative analysis and risk management, is a valuable guide for postgraduate students, academics and practitioners in the field of finance.

Bonds without Borders

A History of the Eurobond Market

Author: Chris O'Malley

Publisher: John Wiley & Sons

ISBN: 1118843878

Category: Business & Economics

Page: 288

View: 6108

Bonds without Borders tells the extraordinary story of how the market developed into the principal source of international finance for sovereign states, supranational agencies, financial institutions and companies around the world. Written by Chris O'Malley – a veteran practitioner and Eurobond market expert- this important resource describes the developments, the evolving market practices, the challenges and the innovations in the Eurobond market during its first half- century. Also, uniquely, the book recounts the development of security and banking regulations and their impact on the development of the international securities markets. In a corporate world crying out for financing, never has an understanding of the international bond markets and how they work been more important.Bonds without Bordersis therefore essential reading for those interested in economic development and preserving a free global market for capital.

Accounting for Derivatives

Advanced Hedging under IFRS

Author: Juan Ramirez

Publisher: John Wiley & Sons

ISBN: 9781119994923

Category: Business & Economics

Page: 448

View: 4925

Accounting for Derivatives: Advanced Hedging under IFRS is a comprehensive practical guide to hedge accounting. This book is neither written by auditors afraid of providing opinions on strategies for which accounting rules are not clear, nor by accounting professors lacking practical experience. Instead, it is based on day-to-day experience, advising corporate CFOs and treasurers on sophisticated hedging strategies. It covers the most frequent hedging strategies and addresses the most pressing challenges that corporate executives find today. The book is case-driven with each case analysing in detail a real-life hedging strategy. A broad range of hedging strategies have been included, some of them using sophisticated derivatives. The objective of this book is to provide a conceptual framework based on the extensive use of cases so that readers can create their own accounting interpretation of the hedging strategy being considered. Accounting for Derivatives will be essential reading for CFOs, internal auditors and treasurers of corporations, professional accountants as well as derivatives professionals working at commercial and investment banks. Key feature include: The only book to cover IAS39 from the derivatives practitioner’s perspective Extensive real-life case studies to providing essential information for the practitioner Covers hedging instruments such as forwards, swaps, cross-currency swaps, and combinations of standard options as well as more complex derivatives such as knock-in forwards, KIKO forwards, range accruals and swaps in arrears. Includes the latest information on FX hedging and hedging of commodities

Exzessive Immobilienkreditverbriefungen: Eine Analyse der urs„chlichen Fehlanreize

Author: Dennis Krahl

Publisher: Diplomarbeiten Agentur

ISBN: 3863410807

Category: Business & Economics

Page: 60

View: 6920

Der exzessive, weltweite Handel mit verbrieften Immobilienkrediten bzw. Kreditrisiken hat sich in der US-Immobilienkrise entladen, aus der sich letztlich die größte Finanzkrise der Nachkriegszeit entwickelt hat. Es ist das Ziel dieses Buches, die Anreize für das Fehlverhalten aller am Kreditverbriefungsprozess Beteiligten zu identifizieren. Nur wenn diese falschen Anreize erkannt werden, können sie wirksam eliminiert werden, um künftig ähnliche Krisen zu vermeiden. Dazu werden nach einer einführenden Abgrenzung der Untersuchung zunächst die wesentlichen Verbriefungstechniken erläutert. Man unterscheidet den realen Forderungsverkauf von der derivativen Absicherung, bei der lediglich die Kreditrisiken gehandelt werden. Im Einzelnen werden ABS, CDO, CDS, CLN und synthetische CDO erläutert. Auf Abwandlungen wie ABCDS und CDO2 wird ebenfalls eingegangen. Anschließend wird der Verbriefungsprozess beleuchtet. Dabei werden schrittweise alle potentiellen Fehlanreize aufgedeckt und hinsichtlich ihrer fehlerhaften Anreizwirkung untersucht. Neben den Vergütungssystemen und Bonuszahlungen der Investmentbanken stehen unter anderem die Rolle der Ratingagenturen, die Probleme der asymmetrischen Informationsverteilung und die Motive der Wiederverbriefung im Mittelpunkt der Betrachtung. Die politischen und wirtschaftlichen Rahmenbedingungen vor der Finanzkrise in den USA bleiben ebenfalls nicht unberücksichtigt. Die so identifizierten Ursachen für fehlerhaftes Verhalten werden in einem nächsten Schritt sortiert und klassifiziert, was den Überblick verbessern soll. Aufbauend auf den gewonnenen Erkenntnissen wird ein bewertender Blick auf die vielfältigen aus der öffentlichen Diskussion stammenden Vorschläge zum künftigen Umgang mit der Verbriefung von Immobiliendarlehen geworfen. Danach werden die essenziellen Ergebnisse der Untersuchung nochmals in knapper Form zusammengefasst. Abschließend werden einige Maßnahmen aufgezeigt, welche die in dieser Arbeit identifizierten Probleme sinnvoll reduzieren oder beheben können.