Observatorio de I+D+i UPM

Memorias de investigación
Capítulo de libro:
Mandatory Convertible Bonds as an Efficient Method of Issuing Capital
Año:2019
Áreas de investigación
  • Economía,
  • Empresa,
  • Actividad de la empresa,
  • Asuntos financieros,
  • Financiación
Datos
Descripción
Mandatory Convertibles Notes (MCNs) mean only a small fraction of all the securities issued by corporate or financial institutions, however, they represent nearly a 30% in volume of the convertible securities issued every year. MCNs share characteristics of equity and debt securities but rating agencies assign them a high equity component and are commonly treated as equity by accounting standards. Despite the high facial coupon that MCNs seem to pay, a deeper analysis shows that the cost of MCN can be lower than the cost of issuing hybrid or subordinated debt and in some cases similar to the cost of issuing senior debt. Mandatory convertibles were profusely issued by financial institutions amid the global crisis as a means to increase capital and could be considered as a predecessor of some types of AT1 and Contingent Convertible. The academic literature about Mandatory Convertibles is scarce and we consider necessary to shed some light on a type of security that can be very useful for the real economy
Internacional
Si
DOI
10.1007/978-3-319-96005-0_8
Edición del Libro
1
Editorial del Libro
SPRINGER
ISBN
978-3-319-96004-3
Serie
Título del Libro
Engineering Digital Transformation
Desde página
59
Hasta página
66
Esta actividad pertenece a memorias de investigación
Participantes
  • Autor: Carlos Rodriguez Monroy (UPM)
Grupos de investigación, Departamentos, Centros e Institutos de I+D+i relacionados
  • Creador: Grupo de Investigación: Ingeniería de la Calidad Alimentaria
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