Overview
- Includes coverage of preferred shares
- Covers global, European, US and Asia-Pacific CoCos
- Applies an interdisciplinary approach, including mathematical, legal and financial analysis
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Table of contents (5 chapters)
Keywords
- CoCos
- CoCo bonds
- Banking regulation
- Basel III
- Financial instruments
- Financial stability
- European Hybrid Securities
- US Hybrid Securities
- Asia-Pacific Hybrid Securities
- Contagion effect
- Portfolio risk modelling
- Bonds
- Banks
- Insurers
- CRR
- CRD IV
- Additional Tier One (AT 1)
- Tier 2
- Resolution
- investments and securities
- banking
About this book
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.
Authors and Affiliations
About the authors
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 the Warsaw School of Economics. He graduated from the Warsaw School of Economics (Finance and Banking Faculty) and the Law Faculty at the Warsaw University, Poland. He lectures on investment banking, investment portfolio modelling, bonds and hybrid securities and financial mathematics. His expertise is on fixed income securities, including issue structuring, risk management and pricing. Liberadzki was a visiting professor an the University of Navarra (Spain) teaching and researching on bonds and hybrid securities. At present he is a director of the Regulation Development Department at the Polish Financial Supervision Authority. He is a member of the European Banking Authority (EBA) Standing Committee on Regulation and Policy (SCRePol) and an alternate member of the EBA Board of Supervisors (BoS).”
Bibliographic Information
Book Title: Contingent Convertible Bonds, Corporate Hybrid Securities and Preferred Shares
Book Subtitle: Instruments, Regulation, Management
Authors: Marcin Liberadzki, Kamil Liberadzki
DOI: https://doi.org/10.1007/978-3-319-92501-1
Publisher: Palgrave Macmillan Cham
eBook Packages: Economics and Finance, Economics and Finance (R0)
Copyright Information: The Editor(s) (if applicable) and The Author(s) 2019
Hardcover ISBN: 978-3-319-92500-4Published: 06 July 2019
eBook ISBN: 978-3-319-92501-1Published: 17 June 2019
Edition Number: 1
Number of Pages: XIX, 229
Number of Illustrations: 1 b/w illustrations, 46 illustrations in colour
Topics: Investments and Securities, Banking