Los Iibhondi eziConvertible Contingent, baye baba sisixhobo sezemali kumaziko ebhanki ngenxa yemfuno eqhubekayo yokuhlangabezana neemfuno zenkunzi. Kweli nqaku, sinikezela kuwe ukuba yintoni iCoCos kunye nokuba zeziphi izibonelelo zazo.
Iibhondi eziConvertible Contingent zivumela ukuthengiswa kwakhona okukhawulezileyo kofumanayo.
Convertible Contingent Bonds.
Kwixesha elitsha lehlabathi leebhanki nezemali, oorhulumente baye bahlaziya imithetho yezemali ngenjongo yokukhusela umdla woluntu ingakumbi amaziko abo ebhanki. Ukuza kuthi ga ngoku, ubuncinci beekowuta zokwenziwa kwenkunzi ziyafuneka ukuphendula kwizinto eziza kwenzeka kwixesha elizayo ezinokubeka esichengeni uzinzo lwenkqubo yezemali. Ngesi sizathu kunye nokuqinisekisa ukuthotyelwa kweyona mfuno isezantsi yemali ngamaziko emali, i Convertible Contingent Bonds (CoCos), uhlobo lwebhondi eneempawu zetyala ngokuhlawula inzala kumtyali-mali nakwimali enkulu ngokuba namandla okusinyanzelo ekuyiguquleni ibe yizabelo zenkampani okanye iziko elizikhuphileyo.
Los Convertible Contingent Bonds, banemiqathango esele imiselwe liqumrhu elikhuphayo, ikakhulu ukuguqulwa okunyanzelekileyo kwizabelo, okwahlukileyo kwibhondi eqhelekileyo eguqulelwayo, apho ngumfumani owenza isigqibo sokuba aziguqule okanye hayi, kwaye ukuba akunjalo, umkhuphi ubuyisela utyalo-mali ngokubuyisela. ityala njengomsebenzi wegeneric; kwi-CoCos, umthengi akanalo igunya lokuguqula okanye akunjalo; kule ngqiqo, i Convertible Contingent Bonds, vumela i-recapitalization ekhawulezayo nexabiso eliphantsi ekuvunywe ngayo kwangaphambili kwiziko lezemali ngokuyiguqulela kwizabelo.
Zisebenza njani iiBonds eziConvertible Contingent?
Ngokubanzi, i Convertible Contingent Bonds, zifunyenwe ngamaqumrhu enkqubo yezemali abonisa intsilelo enokubakho ekuthotyelweni kweyona migangatho isezantsi yemali; Ngenxa yoko, izigqibo zokuguqulwa kwayo zixhomekeke kwizandla zequmrhu elikhuphayo, eliya kuchaza iimeko ngaphambi kokuthengiselana kwesivumelwano kwaye rhoqo, ezi meko zisekwe ngaphambili zicinezela ukuguqulwa kwizabelo ngumtyali-mali ngenxa yokuwa okusondeleyo. Kwinqanaba lenkunzi yeziko elingaphantsi kowona mgangatho usezantsi usekiweyo, oko kukuthi, ukuba ibhanki ikwimeko engathandekiyo yokuhlangabezana nesabelo sayo esiyinkunzi, iya kuba nesibophelelo sokuguqula ityala layo libe yinkunzi ngokuliguqulela libe lizabelo ngokuthanda umniki .
Izinto eziluncedo zeCocos
Njengoko besesitshilo ngaphambili, i Convertible Contingent Bonds Bavumela ukuvuselelwa ngokukhawuleza komtyali-mali kunye nemeko esele imiselwe yokuguqulwa kwizabelo. Ngale ndlela, amaziko akwazile ukuhlala enyibilike ngokupheleleyo ekuhlangabezaneni neyona migangatho isezantsi yenkunzi phambi kwamaqumrhu alawulayo enkqubo yezemali, nto leyo eyenza i-CoCos ibe sisixhobo senkxaso esigqwesileyo sokuhlangabezana nezibophelelo zabo.
Kwabafumanayo
Los Convertible Contingent Bonds Banomtsalane kakhulu kubalawuli benkqubo yezemali kunye nakwiibhanki, ezihlala zifuna inkunzi kwaye kulapha, apho i-CoCos, iqinisa i-patrimony yamaziko emali ngexesha elibalulekileyo lokuzalisekisa izibophelelo zabo phambi kwamaqumrhu alawulayo. Inkqubo yezeMali. Ngale ndlela, banempembelelo ekhawulezileyo yokunciphisa inqanaba letyala lequmrhu lotyalo-mali ngesixa sebhondi, ukwandisa inqanaba layo lokuphinda lihlaziywe ngokomlinganiselo ofanayo.
Ii-Convertible Contingent Bonds zineengenelo ezininzi kubatyali-mali kunye nabakhuphi.
Olunye uncedo lwabafumanayo kukuba inyani yotyalo-mali kwezi kuguqula esi sixhobo sibe yi-asethi yomvuzo osisigxina ngelixa ibhondi isemthethweni, ngokufumana intlawulo yenzala esekiweyo ngexesha lokukhutshwa komhla wesivumelwano. umtyali-zimali uyibona njengenkunzi enkulu kunetyala.
Kwakhona, Convertible Contingent Bonds bangaphezulu kwezabelo phambi kokuguqulwa, ukuze kwi-bankruptcy enokwenzeka, abatyali-mali be-CoCos baqokelele kuqala kunabanikazi-zabelo beziko.
Kubakhupheli.
Ngokuphathelele abakhuphi, i-CoCos ithathwa njengohlobo lwemali eyinkunzi ukusukela oko kusenziwa isivumelwano sokukhutshwa, xa kubalwa amanqanaba emali eyinkunzi yequmrhu lotyalo-mali kunye nokwehla okunokwenzeka kwemigangatho yemali. inkqubo yezemali, ekubeni kufuneka bahambelane nokuguqulwa kwetyala libe yimali eyinkunzi ngokuhlawulwa ngezabelo zabo, nto leyo eya kuvumela umniki ukuba abe nesabelo kwinkunzi yabatyali-mali.
Ukufunda ngakumbi malunga nemiba enxulumene neebhondi kunye nezinye izixhobo zemali, mfundi othandekayo, siyakumema ukuba uhlale nathi kwaye ufunde i iinjongo zesicwangciso soshishino kwaye wenze nzulu umdla wakho kwihlabathi lezemali.
Ngaba iibhondi eziguquguqukayo eziguqukayo zisemngciphekweni?
Njengaso nasiphi na isixhobo semali, Convertible Contingent Bonds, baneempawu zabo ezibonisa amanqanaba athile omngcipheko kubo kunye nenyaniso yokuba bafumana imbuyekezo ephezulu sisiphumo esiphambili sokuba ezi Cocos thwala umngcipheko ophezulu.
Nangona kunjalo, kwimigaqo yezemali yamaziko eebhanki ahlukeneyo, kuye kwaphunyezwa amanyathelo angenasiphelo afuna ulawulo olusebenzayo; Ngokusekelwe kulo mgaqo, kufuneka sicinge ukuba amaphepha ebhalansi awo omabini amaziko emali akhuphayo kunye notyalo-mali acocekile kwaye anemveliso kwaye inkunzi yawo igubungela ii-asethi ezinobunzima bomngcipheko. Kuba kunjalo, i Convertible Contingent Bonds, inokuvelisa imbuyekezo ephezulu kakhulu apho kunokuthi kuthathwe umngcipheko omnye: ukuba inkunzi yequmrhu lotyalo-mali ayiquki umngcipheko wempahla yalo; nangona kunjalo, umthetho wezezimali useka imigaqo-nkqubo yokunciphisa amaphepha abo okulinganisela kunye nokunyusa umvuzo wabo.
Ngokunjalo, xa kujongwa ukuba iimeko ezihlala zinyanzelisa uguqulo zikholisa ukuba xa inqanaba lenkunzi yomtyali-mali liwela ngaphantsi kowona mgangatho usezantsi umiselweyo, ityala liba yinkunzi ngelona xesha libalulekileyo kumtyali-mali; Kungenjalo, ukuba iimeko zemali zihlala zivuma kumtyali-mali, i Convertible Contingent Bonds Baqinisekisa umnini-nzuzo rhoqo ngokuhlawulwa kwenzala ehambelanayo, ngokwemiqathango esele ibekwe ngaphambili ngexesha lokusebenza kwesivumelwano sokukhutshwa.
Ukuba uyazi kakuhle i-Contingent Convertible Bonds ukutyala imali, utyalo-mali luyavakala.
Ke ngoko, amanqanaba omngcipheko wee-CoCos aphantsi kakhulu xa kuthelekiswa nengeniso yawo esebenzayo, kunye nenjongo ephunyezwa notyalo-mali lwabo ngokuzama ukunyusa amanqanaba enkunzi ngamaxesha abalulekileyo kumtyali-mali.