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Contingent Convertibles [Cocos]: A Potent Instrument For Financial Reform (Hardcover)
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Contingent Convertibles [Cocos]: A Potent Instrument For Financial Reform (Hardcover)
Series: World Scientific-Now Publishers Series in Business, 5
Expected to ship within 10 - 15 working days
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Contingent Convertibles (CoCos) represent debt that is subject to
being converted automatically into common equity under
pre-specified terms of conversion if the chosen regulatory capital
ratio falls to a level triggering conversion. CoCos are that
subspecies of contingent capital that references regulatory (Basel
III) concepts in its triggers. From 2014, trigger points are set by
common equity (Common Equity Tier 1 [CET1]) in percent of
risk-weighted assets [RWA] or of more complicated measures of total
exposure to a variety of risks, particularly credit risk. This is
the first comprehensive book on CoCos, an innovative instrument
that has attracted growing attention since it was first issued in
2009.The book is mostly concerned with going-concern 'recovery-'
rather than 'resolution-' CoCos, because avoiding failure and
costly disruption of financial networks without government
financing is the first order of business. CoCos hold a high promise
of providing fully loss-absorbing equity capital when it is most
needed and least available to financial institutions. Yet, having
grown out of the 2007-2009 financial crisis, they are still an
'infant' reform instrument in many respects. Few of the
instrument's design features (or even the rating, regulatory, and
tax treatments) are entirely settled. This book seeks to move the
discussion toward, and then past, the main decision points so that
CoCos can prove their value for contingency planning and
self-insurance all over the world. It is intended to increase the
ability of issuers and investors to analyze and understand the
different kinds of CoCos.
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