Hybrid Securities

Structuring, Pricing and Risk Assessment

Business & Finance, Finance & Investing, Banks & Banking, Investments & Securities
Cover of the book Hybrid Securities by Kamil Liberadzki, Marcin Liberadzki, Palgrave Macmillan UK
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Kamil Liberadzki, Marcin Liberadzki ISBN: 9781137589712
Publisher: Palgrave Macmillan UK Publication: April 8, 2016
Imprint: Palgrave Macmillan Language: English
Author: Kamil Liberadzki, Marcin Liberadzki
ISBN: 9781137589712
Publisher: Palgrave Macmillan UK
Publication: April 8, 2016
Imprint: Palgrave Macmillan
Language: English

Hybrid capital securities or 'hybrids' offer various benefits. They offer flexibility equity without shareholder dilution, provide protection to senior creditors, are a stable source of long-term funding for healthy companies, and help insurers and banks meet regulatory and rating agency capital requirements. Risks and features of hybrid securities are expressed in the credit spread of some relatively new financial instruments, but no structural fundamentals exist for to price hybrids precisely. This book proposes a model for the pricing of hybrids. It begins by explaining the concept of hybrids as well as their equity- and debt-like characteristics. Different types of hybrids are presented, including preference shares, convertible bonds, contingent convertibles (CoCos) and bail-in bonds. The authors then present analysis of regulatory regimes' impact on hybrids. They discuss the types of hybrid bonds that are contemplated in the Capital Requirements Regulation (CRR) and Banking Union mechanism. They then present an in-depth examination of hybrids pricing and risk assessment techniques. The book provides a comprehensive analysis from mathematical, legal and financial perspectives in order to look at relatively new financial instruments and address problems with the pricing models of hybrids which are as yet unsolved.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

Hybrid capital securities or 'hybrids' offer various benefits. They offer flexibility equity without shareholder dilution, provide protection to senior creditors, are a stable source of long-term funding for healthy companies, and help insurers and banks meet regulatory and rating agency capital requirements. Risks and features of hybrid securities are expressed in the credit spread of some relatively new financial instruments, but no structural fundamentals exist for to price hybrids precisely. This book proposes a model for the pricing of hybrids. It begins by explaining the concept of hybrids as well as their equity- and debt-like characteristics. Different types of hybrids are presented, including preference shares, convertible bonds, contingent convertibles (CoCos) and bail-in bonds. The authors then present analysis of regulatory regimes' impact on hybrids. They discuss the types of hybrid bonds that are contemplated in the Capital Requirements Regulation (CRR) and Banking Union mechanism. They then present an in-depth examination of hybrids pricing and risk assessment techniques. The book provides a comprehensive analysis from mathematical, legal and financial perspectives in order to look at relatively new financial instruments and address problems with the pricing models of hybrids which are as yet unsolved.

More books from Palgrave Macmillan UK

Cover of the book British Youth Television by Kamil Liberadzki, Marcin Liberadzki
Cover of the book The Oil and Gas Service Industry in Asia by Kamil Liberadzki, Marcin Liberadzki
Cover of the book Images of England Through Popular Music by Kamil Liberadzki, Marcin Liberadzki
Cover of the book Language and Politics in Post-Soviet Russia by Kamil Liberadzki, Marcin Liberadzki
Cover of the book Media, Margins and Civic Agency by Kamil Liberadzki, Marcin Liberadzki
Cover of the book The Counter-Revolution in Diplomacy and Other Essays by Kamil Liberadzki, Marcin Liberadzki
Cover of the book Making the Compelling Business Case by Kamil Liberadzki, Marcin Liberadzki
Cover of the book The Political Role of Corporate Citizens by Kamil Liberadzki, Marcin Liberadzki
Cover of the book The European Banking Union by Kamil Liberadzki, Marcin Liberadzki
Cover of the book Queer Youth and Media Cultures by Kamil Liberadzki, Marcin Liberadzki
Cover of the book Childhood and Biopolitics by Kamil Liberadzki, Marcin Liberadzki
Cover of the book Fairy Tales, Natural History and Victorian Culture by Kamil Liberadzki, Marcin Liberadzki
Cover of the book The Handbook of Post Crisis Financial Modelling by Kamil Liberadzki, Marcin Liberadzki
Cover of the book Military Migrants by Kamil Liberadzki, Marcin Liberadzki
Cover of the book Judgement and Truth in Early Analytic Philosophy and Phenomenology by Kamil Liberadzki, Marcin Liberadzki
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy