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Descripción
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| Debt securities are often an efficient and inexpensive resource to finance the balance sheet of companies; however, one of the causes of the global financial crisis was the excessive leverage taken by companies. Hybrid capital instruments share characteristics of equity and debt, and allow companies to finance its balance sheet in a more sustainable way by reducing leverage, but tend to increase its overall cost of capital. Mandatory Convertible Bonds (MCBs) are hybrid financing instruments that are very close to equity; rating agencies assign them a high equity component and are commonly treated as equity by accounting standards. Despite the high nominal coupon that mandatory convertible bonds seem to pay in some cases, a deeper analysis shows that the cost of issuing MCBs can be similar and even lower than the cost of issuing senior debt. | |
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Internacional
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No |
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ISBN
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Tipo de Tesis
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Doctoral |
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Calificación
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Sobresaliente cum laude |
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Fecha
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24/07/2019 |