Next Generation Hybrid Securities and Capital Structure Evolution - *new!
By Steve Sahara and Annabel Daws-Chew, Credit Agricole CIB
The global hybrid capital market is now on the verge of perhaps its most dramatic stage of development ever. As an asset class, it is characterised by dramatic growth and continuous evolution – but the level of change it now faces is unprecedented. Almost every major aspect of hybrid capital securities may now change, since the post-financial crisis, the historical foundations of the global financial system are in question and extensive overhauls of the regulatory capital regimes are under way. Contingent capital developments add another dimension to the analysis and new risks to consider.
Already, dramatic product evolutions has had a massive impact on the thinking around how the evolution will continue and what role there will be for this asset class. New forms of contingent capital securities, for example, have already captured the imagination of the financial press, and given the large size of inaugural transactions, are an essential consideration for regulators, issuers and investors everywhere. Rating agencies in the meantime have been quick to address these new product developments within their own evolving methodologies for hybrid capital securities, given the new realities observed in regulatory and political behaviour during the global financial crisis.
Written by DCM experts from Credit Agricole CIB, Next Generation Hybrid Securities and Capital Structure Evolution projects and analyses the imminent profound changes and future developments in hybrid capital security products. Focusing on product development and the main risk factors, it examines the key hybrid capital security developmental milestones and puts them in context, so that issuers, investors, regulators, ratings agencies and other market participants can understand the case for contemporary hybrid securities today and profit from what the future holds for hybrid and contingent capital securities.
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