[E571.Ebook] PDF Download Contingent Convertibles [Cocos]: A Potent Instrument for Financial Reform (World Scientific-Now Publishers Series in Business), by George

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Contingent Convertibles (CoCos) represent debt that is subject to being converted automatically into common equity under pre-specified terms of conversion if the chosen regulatory capital ratio falls to a level triggering conversion. CoCos are that subspecies of contingent capital that references regulatory (Basel III) concepts in its triggers. From 2014, trigger points are set by common equity (Common Equity Tier 1 [CET1]) in percent of risk-weighted assets [RWA] or of more complicated measures of total exposure to a variety of risks, particularly credit risk. This is the first comprehensive book on CoCos, an innovative instrument that has attracted growing attention since it was first issued in 2009.

The book is mostly concerned with going-concern 'recovery-' rather than 'resolution-' CoCos, because avoiding failure and costly disruption of financial networks without government financing is the first order of business. CoCos hold a high promise of providing fully loss-absorbing equity capital when it is most needed and least available to financial institutions. Yet, having grown out of the 2007 2009 financial crisis, they are still an 'infant' reform instrument in many respects. Few of the instrument's design features (or even the rating, regulatory, and tax treatments) are entirely settled. This book seeks to move the discussion toward, and then past, the main decision points so that CoCos can prove their value for contingency planning and self-insurance all over the world. It is intended to increase the ability of issuers and investors to analyze and understand the different kinds of CoCos.

Readership: Researchers in Banking, Finance, and Financial Service, Finance Professionals, Law Firms, Accounting, and Financial-Consulting Firms; Portfolio and Wealth Management Specialists; Fixed-Income Investors and Fund Managers; Government Regulators of Financial Services; Libraries and Members of Research and Capital Markets Divisions at National and International Financial Institutions.

• Sales Rank: #3989879 in Books
• Published on: 2014-08-25
• Released on: 2014-08-08
• Original language: English
• Number of items: 1
• Dimensions: 9.00" h x .65" w x 6.00" l, .0 pounds
• Binding: Hardcover
• 288 pages

About the Author
Since entering the doctoral program at Princeton University as an International Finance Fellow, and inspired by Burt Malkiel and Ed Kane, George von Furstenberg has been fascinated with macro and micro aspects of finance. Throughout his career, work at US government agencies such as the President's Council of Economic Advisers (Senior Economist, 1973 76) and the Department of State (1989 90), at the IMF Research Department (Division Chief, 1978 83), and at the National Science Foundation (Rotating Program Director Economics, 2006 08) has alternated with his academic pursuits. A titled Professor of Economics at Indiana University, emeritus as of 2006, he is a member of the Toronto-based G8 Research Group, a past president (2000) of the North American Economics and Finance Association, and a participant in meetings of the Asian Economic Policy Panel. He has been listed in Who's Who in the World since 2006.

Work in his principal fields has been supplemented by continuing analyses of US economic and financial policies in several areas. These include regional trade agreements, housing and mortgage credit, and capital insurance for financial institutions as well as evaluations of US policy responses during the depth of the 2007 2009 financial crisis.

His current work on efficient design of Contingent Convertible Debt Securities (CoCos) and on Contingent Capital as a reform instrument to strengthen the private safety net through self-insurance of financial institutions has benefitted from visiting research fellowships in the Research Centre of the Deutsche Bundesbank (2010), the Hong Kong Institute for Monetary Research (2011), and the Risk Management Institute of the National University of Singapore (2011)

Most helpful customer reviews

1 of 1 people found the following review helpful.
A pragmatic case for CoCos
By Luc Perrot
Excellent book explaining why CoCos can be and should be a relevant financial instrument to alleviate deterioration in a bank’s balance sheet.

This book counter balances economic concepts which are oftentimes far removed from the reality of a bank’s operations and everyday decision-making experience. The pragmatic examples outlined in this book favorably contrast other books like The Bankers' New Clothes by Anat Admati & Martin Hellwig where the authors lay out very few foundations to support the “equity claim.”

Prof. Von Furstenberg central premise is that a simple measure -- banks voluntarily raising capital through CoCos and reshaping their capital structure -- issuing bonds that can be converted to equity -- would greatly improve the stability of the issuing bank, improve corporate governance, enhance market discipline in the banking system, and would greatly reduce bailout costs. Prof. Von Furstenberg slices through the various issues, catalogs and presents a credible and clear view of an instrument still in its infancy. As a result, he addresses a number of CoCos’ issues and features central to developing this product--policies or the lack thereof, tax treatment, rating agencies roles --risk premium, conversion price and replacement rate, recovery rate.

In this challenge, the discussion around going-concern recovery sets the tone for a serious conversation about the need for such product. The simplicity in which the various ratios and calculations are presented makes for a pragmatic and relevant case.
As a pragmatic example, I particularly enjoyed chapter 8 subsection 8.1 around the restructuring of SolarWorld and the theoretical demonstration of the need for such product not only for banks but for corporations. As an experienced restructuring banker, I appreciate the impact of the hypothetical CoCo issued and the estimated cash savings from interest payments, cash being key in such situations.

While no single measure proposal can resolve every problem that might arise in the financial sector, CoCos appear as a necessary threshold that must be addressed.

From a banker’s perspective (having consulted as well for 5 years on the European financial crisis), I found Prof. Von Furstenberg message to be quite persuasive and compelling.

1 of 1 people found the following review helpful.
A Valuable Book
By enak
For anyone who wants to understand contingent equity, this book is full of valuable insights, useful facts, and careful distinctions. It begins with an encyclopedic treatment of differences in the evolving levels and composition of capital (i.e., equity) requirements in the US and EU. Cocos are described as creative instruments that in Europe authorities have allowed to lower some of the tax and regulatory burdens associated with providing loss-absorbing private equity funding to banks when it is desperately needed.
The use of the word “potent” in his subtitle immediately tells us that Professor von Furstenberg hopes that his book can help overcome the reluctance of US tax and regulatory authorities to follow the Europeans’ lead. He builds a case for cocos as a way to temper the costs of Too-Big-to-Fail policies for taxpayers. In his view, the expected reduction in bailout costs would make it worthwhile to “bend” regulatory definitions of capital and tax-code restrictions on deductibility of interest, at least on instruments that are actuated automatically and set to convert long before the point of potential insolvency. In view of the difficulty of credibly estimating the side effects and after-effects of alternative policies, he does not attempt any quantitative balancing of the opportunity costs involved.
The book has immense value as a reference, which is how I will use it. It catalogues --and shows how to price-- a range of differences in contractual features and explains how particular variations in contract terms might improve corporate governance and enhance market discipline. It reviews real-world use and misuse of cocos at banks that have actually issued them. Finally, the last 90 pages of the book work through a series of major policy issues and offer well-chosen excerpts from key statements on cocos developed by the Basel Committee on Banking Supervision and US and European authorities.

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