Bank capital: hybrids
Course
Inhouse
Description
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Type
Course
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Methodology
Inhouse
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Class hours
1h
This course looks at: Hybrids and regulators' perspective. Hybrids and rating agencies' perspective. Hybrids features and modelling. Hybrids and the credit crunch
About this course
None
Reviews
Course programme
- Hybrids and regulators'' perspective
- Hybrids and rating agencies'' perspective
- Hybrids features and modelling
- Hybrids and the credit crunch
- Standard & Poor''s vs. Moody''s vs. Fitch
- Conditions and recognition of equity content
- Similarities and differences
- Structuring for tax reasons
- Step-ups
- Cash/non-cash incentives to redeem
- Deferral triggers
- Mandatory/optional conversion into equity and dilution impact
- Forecasting capital ratios
- Forecasting potential for hybrids issuance given target capital structure
- Issuing hybrids to raise capital from sovereign wealth funds at onset of crisis
- Hybrids vs. Straight equity issues
- Role of hybrids in expected state-funded recapitalisation of banks
- Protecting taxpayers'' money & offering upside
Bank capital: hybrids