Contingent Capital vs. Contingent Reverse Convertibles for Banks and Insurance Companies
AbstractDuring the credit and liquidity crisis in 2007 and 2008, banks found themselves largely unable to raise significant new equity quickly from parties other than sovereign wealth funds and governments. Some banks have thus recently begun to consider contingent capital as a means of pre-arranging recapitalizations for future crises. Contingent capital is a type of put option that entitles a company to issue new securities on pre-negotiated terms, often following the occurrence of one or more risk-based triggering events. Copyright Copyright (c) 2009 Morgan Stanley.
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Bibliographic InfoArticle provided by Morgan Stanley in its journal Journal of Applied Corporate Finance.
Volume (Year): 21 (2009)
Issue (Month): 4 ()
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=1078-1196
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