13
Jun
10

CoCos, ¿una alternativa?

Vox tiene un articulo sobre las ventajas y desventajas coditional covertibles, aka CoCos. Es interesante como el autor ilumina el panorama cuando los posiciona dentro de la estructura de incentivos de una empresa.

The CoCo suggestion is that equity holders will be incentivised to issue new additional equity early, in order to protect themselves against being wiped out by dilution, and from any manipulation to activate the trigger by CoCo holders hoping to benefit. Indeed, some of the proponents hope that the incentives to raise new issues in good times will be such as to make banks continuously well capitalised and to prevent CoCos being triggered except very rarely (and by the miscalculation of existing equity holders).


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