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Contingent Convertible Bonds, Corporate Hybrid Securities and Preferred Shares Instruments, Regulation, Management

by Marcin Liberadzki, Kamil Liberadzki

Contingent Convertible Bonds, Corporate Hybrid Securities and Preferred Shares Instruments, Regulation, Management Synopsis

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 Information

ISBN: 9783319925004
Publication date: 6th July 2019
Author: Marcin Liberadzki, Kamil Liberadzki
Publisher: Springer International Publishing AG
Format: Hardback
Pagination: 229 pages
Categories: Investment & securities, Banking,

About Marcin Liberadzki, Kamil Liberadzki

Marcin Liberadzki is a professor at the Warsaw School of Economics (WSE), Institute of Finance, Poland. He holds master's degrees in finance and banking (WSE) and law (the University of Warsaw, Faculty of Law, Poland), as well as a PhD in economic science from WSE. He conducts research on Basel III / CRD IV banking regulatory regime, contingent convertible bonds and bank resolution. He is participant of research projects financed by the National Science Centre and National Bank of Poland. As an attorney-at-law, he runs the legal firm delivering expertise to the largest Polish banks. Kamil Liberadzki is a professor at ...

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