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$Faraday Future(FFIE)$
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这篇文章不错,转发给大家看看
@好文:七问七答 | 170亿美元惨沦壁纸的瑞信AT1债券是什么?
龙会长
2021-07-13
$Exela Technologies, Inc.(XELA)$
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龙会长
2021-04-13
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2021-04-10
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2021-04-08
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| 170亿美元惨沦壁纸的瑞信AT1债券是什么?","htmlText":"<a target=\"_blank\" href=\"https://laohu8.com/S/UBS\">$瑞银(UBS)$</a> 集团同意收购<a target=\"_blank\" href=\"https://laohu8.com/S/CS\">$瑞士信贷(CS)$</a> 之后,将使得大约160亿瑞郎(173亿美元)的瑞信债券“变壁纸”,这些债就是被昵称为“可可债”的CoCo Bond,亦称为额外一级资本(AT1)债券。CoCo债的全名是应急可转债(Contingent Convertible Bonds,简称CoCo Bonds、CoCos),是一种在欧债危机后才出现的债。它是银行债务中的最低级别债券,代表在良好环境下,能产生高收益;反之,若银行状况坏透了,这类债券就会率先受到冲击,沦为“海啸第一排”。瑞信的AT1债“蒸发”,将强化新的被合并后银行的资产负债表,但可能预示更广泛的可可债市场面临灾难。究竟这些即将变得一文不值的债券是什么?为何价值会被完全减记为零?市场会受到什么冲击?1、什么是CoCo债(AT1债券)?它基本上可在债券与股票之间转换,协助银行强化资本,以符合避免银行倒闭的监管规定。当银行资本水准低于特定水准时,这些债券就能转换地位以便应急。如果银行的缺口大到一定程度,这些CoCo债就能转换成股权,即银行的股票。在其他情况下,CoCo债会被全部减记或部分减记。2、设立CoCo债的目的?CoCo债的目的是要做为债务与股权缓冲的一部分,用来避免在银行崩溃或倒闭时,纳税人必须埋单的情况。当原先构想被提出时,CoCo债被视为让银行拥有潜在的更大资本缓冲,不用被迫发行新股,因为发行新股会让许多人担忧银行过度杠杆。对监管机构而言,CoCo债是让银行可在不必让纳税人付出代价、无须稀释现有股东的情况下,让银行能被从崖边救回的一种办法。3、瑞信有多少CoCo债?据统计,瑞信拥有在","listText":"<a target=\"_blank\" href=\"https://laohu8.com/S/UBS\">$瑞银(UBS)$</a> 集团同意收购<a target=\"_blank\" 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