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Erschienen in:
Contingent Convertibles Issued by EEA Banks Kapitel lesen Erstes Kapitel lesen

2019 | OriginalPaper | Buchkapitel

5. Corporate Hybrid Securities and Preferred Shares

verfasst von : Marcin Liberadzki, Kamil Liberadzki

Erschienen in: Contingent Convertible Bonds, Corporate Hybrid Securities and Preferred Shares

Verlag: Springer International Publishing

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Abstract

This chapter is on corporate hybrid securities, namely hybrids issued by non-financials, that is, other than banks and insurers. We concentrate on the market performance of hybrids issued by Volkswagen in the scenario of a corporate governance scandal that broke out in September 2015. Then, we take broader look at the non-voting preference shares. We analyse the various types of preferreds including convertible and convertible exchangeable preferred stock, participating preferred shares and trust preferred stock. The final part of this chapter is fully devoted to preferreds issued by US banks to fulfil the Basel III regulatory AT1 capital requirements under the Dodd-Frank rules.

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Vorheriges Kapitel Non-EEA Banks’ and Insurers’ CoCos
Fußnoten
1
Typically an accounting event call is associated with hybrids accounted as equity. In Italy, however, hybrids need to be accounted as debt for coupon payments to be tax deductible. The hybrid bonds of Italian utility Enel feature an accounting event call, but that call is triggered if the hybrids can no longer be recorded as a ‘financial liability’ (Hirst & Moulder, 2018).
 
2
The purchase price of €6.7 bn was partially refinanced with the issuance of up to €3.0 bn in new hybrid capital and up to €2.0 bn in new preference shares.
 
3
For more on VW preferred shares see Sect. 5.3.2.3.
 
4
See § 140.2 of German Stock Corporation Act (Aktiengesetz).
 
5
In addition, securities originally issued under the TARP (Troubled Asset Relief Program) would continue to have Tier 1 treatment grandfathered.
 
Literatur
Cowan, A. R. (1999). Tax Options, Clienteles and Adverse Selection: The Case of Convertible Exchangeable Preferred Stock, Financial Management, Vol. 28, No. 2, pp. 15–31. CrossRef
Berle Jr, A.A.. (1926). Nonvoting Stock and Bankers’ Control. Harvard Law Review. 39. 673–693. 10.2307/1329574.CrossRef
de Silva, P., & Spivack, G. (2018, June 27). US Banks: Post-DFAST Stress Capital Buffers. CreditSights.
Elton, Edwin J., (2001), Explaining the Rate Spread on Corporate Bonds, Journal of Finance, 56, issue 1, p. 247–277.CrossRef
De Spiegeleer, J., Schoutens, W., & van Hulle, C. 2014. The Handbook of Hybrid Securities. Convertible Bonds. CoCo Bonds and Bail-In, Wiley Finance.
Hirst, T., & Moulder, A. (2018, September 5). Hybrids: Accounting for Change. CreditSights.
Hirst, T., Moulder, A., Studioso, B., Shnaps, D., Monnoyeur, A., Swift, T., & Barajas, F. (2018, February 15). Highlighting Hybrids: Calm After the Storm. CreditSights.
Irvine, P., & Rosenfeld, J. (2000). Raising Capital Using Monthly Income Preferred Stock: Market Reaction and Implications for Capital Structure Theory. Financial Management, 29(2), 5–20. www.​jstor.​org/​stable/​3666282.
Jaworski, P., Liberadzki, K., & Liberadzki, M. (2018, July 1). On Behavior of the Hybrid Securities When Issuer Is in Distress. The Volkswagen AG Case. Retrieved at SSRN https://​ssrn.​com/​abstract=​
Liberadzki, K., & Liberadzki, M. (2016). Hybrid Securities. Structuring, Pricing and Risk Assessment. New York and Basingstoke: Palgrave Macmillan.
Tănase, A.-E., & Calotă, T.-O. (2014). Types of Shares. Romanian Economic Business Review, 9(1), 7–20.
Walther, B. (2014). The Peril and Promise of Preferred Stock, 39 Del. J. Corp. L. 161.
Metadaten
Titel
Corporate Hybrid Securities and Preferred Shares
verfasst von
Marcin Liberadzki
Kamil Liberadzki
Copyright-Jahr
2019
Buch
Contingent Convertible Bonds, Corporate Hybrid Securities and Preferred Shares

Print ISBN: 978-3-319-92500-4

Electronic ISBN: 978-3-319-92501-1

Copyright-Jahr: 2019

DOI
https://doi.org/10.1007/978-3-319-92501-1_5