Contingent Convertible Bonds, Corporate Hybrid Securities and Preferred Shares
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 famil
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Instruments, Regulation, Management
Contingent Convertible Bonds, Corporate Hybrid Securities and Preferred Shares
Marcin Liberadzki • Kamil Liberadzki
Contingent Convertible Bonds, Corporate Hybrid Securities and Preferred Shares Instruments, Regulation, Management
Marcin Liberadzki Department of Finance Warsaw School of Economics Warszawa, Poland
Kamil Liberadzki Department of Finance Warsaw School of Economics Warszawa, Poland
ISBN 978-3-319-92500-4 ISBN 978-3-319-92501-1 (eBook) https://doi.org/10.1007/978-3-319-92501-1 © The Editor(s) (if applicable) and The Author(s) 2019 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover image © bowie15, istock / Getty Images Cover design by Tjaša Krivec This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Preface
This book is a comprehensive monograph devoted to the new generation of hybrid securities: contingent convertibles (CoCos) issued by banks and insurers, banks’ subordinated bail-in bonds, insurers’ subordinated bonds, hybrid securities issued by non-financial entities (so-called corporate hybrids) and US banks’ preferred stock that form a new class (tier) of Basel III regulatory capital: Additional Tier 1 (AT1). The ‘new-generation’ hybrids mean fixed income securities that possess characteristic of both debt and equity, being neither of them. They are placed in the ‘debt-equity continuum’ as credit rating agencies name it. The idea of hybrid securities alone is not new. However, the last one and a half decades saw a significant development it this assets’ class in terms of new-style hybrid instruments having come up that merger into one single instrument the whole bundle of already present clauses elsewhere such as: (1) subordination to all issu
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