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Contingent Convertibles (CoCo-Bonds) als Bail-in-Instrumente für Banken

Author

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  • Bernd Rudolph

    (Ludwig-Maximilians-Universität München)

Abstract

Zusammenfassung Der Beitrag stellt Contingent Convertibles (Pflichtwandelanleihen) als Finanzinstrumente vor, die zur frühzeitigen rekapitalisierung von banken genutzt werden können. Tritt ein im Vertrag festgelegter starker Kursverfall der bankaktien ein oder kann die Bank die Mindesteigenkapitalvorschriften nicht erfüllen, dann löst das Wandlungsereignis einen Debt-Equity-Swap aus, der die CoCo-bonds in ?genkapital der bank umwandelt, so dass diese ihre funktionen weiter erfüllen kann. Der beitrag gibt einen Überblick über die konstruktionsmöglichkeiten sowie mögliche Anreiz- und risikoumverteilungseffekte der neuen Instrumente. Darüber hinaus wird das Instrument in die derzeit laufenden regulierungsinitiativen im bankbereich eingeordnet.

Suggested Citation

  • Bernd Rudolph, 2013. "Contingent Convertibles (CoCo-Bonds) als Bail-in-Instrumente für Banken," Schmalenbach Journal of Business Research, Springer, vol. 65(67), pages 97-122, January.
    • Handle: RePEc:spr:sjobre:v:65:y:2013:i:67:d:10.1007_bf03373024
    DOI: 10.1007/BF03373024
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    References listed on IDEAS

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    Cited by:

    1. Kund, Arndt-Gerrit & Hertrampf, Patrick & Neitzert, Florian, 2023. "Bail-in requirements and CoCo bond issuance," Finance Research Letters, Elsevier, vol. 53(C).

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    More about this item

    Keywords

    Bail-in; Bail-out; Debt-equity Swap; Recapitalisation of banks;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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