James Mackintosh of the Financial Times was kind enough to link to a PrefBlog post in his discussion of Contingent Capital, CoCo farming shows the true value of government guarantees. He suggests that just about …
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BoE's Tucker Supports Contingent Capital, Love, Peace & Granola
Paul Tucker, Deputy Governor, Financial Stability at the Bank of England, has delivered a speech to the SUERF, CEPS & Belgian Financial Forum Conference: Crisis Management at the Cross‐Road, Brussels containing a rather surprising rationale …
S&P Comments on Contingent Capital
Standard and Poor’s has noted Contingent Capital Is Not A Panacea For Banks, Says Report: There are certain practical difficulties, however. The first is whether contingent capital securities will convert into capital early enough to …
Contingent Capital: UK Authorities Attempting to Debase Bond Indices
One thing that has irritated me for a long time has been the inclusion of Innovative Tier 1 Capital (IT1C) in the major bond indices. Those things aren’t even bonds! IT1C is simply preferred shares …
Lloyds Contingent Capital Poorly Structured
I can only hope that the structure of the Lloyds Contingent Capital notes (now referred to as “CoCos” by the ultracool). It really does not require a lot of thought to arrive at the conclusion …
Lloyds Issues Contingent Capital
It has been rumoured for a while and now it’s official – Lloyds is issuing contingent capital: Lloyds Banking Group plc (‘Lloyds Banking Group’) today announces proposals intended to meet its current and long-term capital …
Contingent Capital: Blinder Supports Squam Lake Model
Alan S. Blinder, the Gordon S. Rentschler Memorial Professor of Economics and Public Policy at Princeton University and former Vice-Chairman of the Fed’s Board of Governors, gave a wonderfully informative and chatty speech at the …
Contingent Capital: Squam Lake Working Group
The papers of the Squam Lake Working Group , a very distinguished group of academics, are published by the
Contingent Capital: Reverse Convertible Debentures
Mark J. Flannery Bank of America Eminent Scholar Chair of Finance at the University of Florida proposed Reverse Convertible Debentures in 2002 in his paper No Pain, No Gain? Effecting Market Discipline via “Reverse Convertible …
Lloyds Bank to Issue Contingent Capital with Tier 1 Ratio Trigger?
Lloyds Banks has announced: Lloyds Banking Group (Lloyds) notes recent media speculation regarding its proposed potential participation in the Government Asset Protection Scheme (GAPS). Lloyds is in advanced discussions with HM Treasury, UK Financial Investments …