Ama-Convertible Contingent Bond (CoCoS): Ayini?

I-Los I-Convertible Contingent Bond, sebephenduke ithuluzi lezezimali lezikhungo zamabhange ngenxa yesidingo esiqhubekayo sokuhlangabezana nezidingo zemali. Kulesi sihloko, sethula kuwe ukuthi i-CoCos iyini nokuthi yiziphi izinzuzo zayo.

I-Convertible Contingent Bond.

Esikhathini esisha somhlaba wamabhange nezezimali, ohulumeni baye babuyekeza imithetho yezezimali ngenhloso yokuvikela izintshisekelo zomphakathi ikakhulukazi izikhungo zabo zamabhange. Kuze kube manje, izabelo ezincane zekhephithali ziyadingeka ukuze kuphenduleke ngezimo zesikhathi esizayo ezingase zibeke engcupheni ukuzinza kohlelo lwezezimali. Ngenxa yalesi sizathu kanye nokuqinisekisa ukuthotshelwa kwezidingo zemali encane yizikhungo zezezimali, i I-Convertible Contingent Bond (CoCos), uhlobo lwebhondi enezici zesikweletu ngokukhokha inzalo kumtshali-zimali kanye nemali enkulu ngokuba nekhono eliyisibopho lokuyiguqula ibe amasheya enkampani noma inkampane ewakhiphile.

I-Los I-Convertible Contingent Bond, banezimo ezimiswe kusengaphambili yibhizinisi elikhiphayo, ngokuyinhloko ukuguqulwa okuyisibopho kumasheya, okuhlukile kubhondi evamile eguqulekayo, lapho kuba isitholi esinqumayo ukuthi siyiguqule noma cha, futhi uma kungenjalo, okhiphayo ubuyisela utshalomali ngokubuyisela isikweletu njengomsebenzi ojwayelekile; kuma-CoCos, umthengi akanawo amandla okuguqula noma okungafani; ngalo mqondo, i I-Convertible Contingent Bond, vumela ukwenziwa kabusha kwesikhungo sezezimali ngokushesha nokushibhile okuvunyelwene ngakho ngaphambili ngokusiguqulela sibe amasheya.

Asebenza kanjani ama-Convertible Contingent Bonds?

Ngokuvamile, I-Convertible Contingent Bond, zitholwa amabhizinisi ohlelo lwezezimali aveza okushodayo okungaba khona ngokuthobelana namazinga emali amancane; ngenxa yalokho, izinqumo zokuguqulwa kwayo zisezandleni zebhizinisi elikhiphayo, elizochaza izimo ngaphambi kokwenziwa kwesivumelwano futhi ngokuvamile, lezi zimo ezisungulwe ngaphambilini zicindezela ukuguqulwa kube amasheya ngumtshalizimali ngenxa yokuwa okuseduze. ezingeni lemali yesikhungo elingaphansi kwamazinga amisiwe amisiwe, okungukuthi, uma ibhange lisesimeni esingesihle sokuhlangabezana nesabelo-mali salo, lizoba nesibopho sokuguqula isikweletu salo sibe yimali ngokusiguqulela sibe amasheya esivuna okhiphayo . 

Izinzuzo Cocos

Njengoba sesishilo ngaphambili, i- I-Convertible Contingent Bond Bavumela ukuvuselelwa okusheshayo komtshalizimali onombandela osusungulwe ngaphambili wokuguqulwa ube amasheya. Ngale ndlela, izikhungo zikwazile ukuhlala ziqinile ngokugcwele ekuhlangabezaneni namazinga azo amancane emali ngaphambi kwezinhlaka ezilawulayo zohlelo lwezezimali, okwenza i-CoCos ibe ithuluzi elihle kakhulu lokusekela lokufeza izibopho zazo.

Kwabatholi

I-Los I-Convertible Contingent Bond Zikhanga kakhulu kokubili kubalawuli besistimu yezezimali kanye namabhange, afuna imali njalo futhi kulapha, lapho ama-CoCos, eqinisa ubunikazi bezikhungo zezezimali ngezikhathi ezibucayi ukuze kugcwaliseke izibopho zabo phambi kwezinhlaka ezilawulayo. uhlelo lwezezimali. Ngale ndlela, banomthelela osheshayo wokunciphisa izinga lesikweletu sebhizinisi elitshalayo ngenani lebhondi, okwandisa izinga layo lokuvuselela ngenani elifanayo.

Enye inzuzo yabatholi ukuthi iqiniso lokutshala imali kulokhu kuguqula leli thuluzi libe yimpahla yezezimali yemali engenayo engashintshi ngenkathi ibhondi isebenza, ngokuthola inkokhelo yenzalo esungulwe ngesikhathi sosuku lwesivumelwano sokukhishwa. abatshalizimali bakubona njengemali enkulu kunesikweletu.

Futhi, I-Convertible Contingent Bond bangaphezu kwamasheya ngaphambi kokuguqulwa, ukuze uma kungenzeka ukuthi uqole, abatshalizimali be-CoCos bazoqoqa kuqala kunabanikazi bamasheya besikhungo.

Kwabakhiphayo.

Ngokuqondene nabakhiphi, ama-CoCos athathwa njengohlobo lwemali kusukela ngesikhathi kwenziwa isivumelwano sokukhishwa, lapho kubalwa amazinga osonhlamvukazi ebhizinisi elitshalayo kanye nokwehla okungaba khona kwamazinga ekhephithali. ukuthi kufanele ihambisane nezinhlaka ezilawulayo. yohlelo lwezezimali, njengoba kufanele bahambisane nokuguqulwa kwesikweletu sibe yimali ngokukhokha ngamasheya aso, okuzovumela okhiphayo ukuba abe namasheya enhloko-dolobha yabatshalizimali. 

Ukuze ufunde kabanzi mayelana nezihloko ezihlobene namabhondi namanye amathuluzi ezezimali, mfundi othandekayo, sikumema ukuthi uhlale nathi futhi ufunde izinjongo zohlelo lwebhizinisi futhi ujulise intshisekelo yakho emhlabeni wezezimali.

Ingabe ama-Contingent Convertible Bond ayingozi?

Njenganoma iyiphi ithuluzi lezezimali, I-Convertible Contingent Bond, banezici zabo siqu ezibeka amazinga athile engcuphe kubo kanye neqiniso lokuthi bathola imbuyiselo ephezulu kuwumphumela oyinhloko wokuthi lawa ma-Cocos thwala ubungozi obukhulu.

Nokho, ngaphakathi kwemithethonqubo yezezimali yezikhungo zamabhange ezehlukene, kuye kwaqaliswa izinyathelo ezingapheli ezidinga ukuphathwa ngendlela efanele; Ngokusekelwe kulesi simiso, kufanele sicabange ukuthi amaphepha ebhalansi ezikhungo zezezimali, kokubili abakhiphi nabatshalizimali, ahlanzekile futhi akhiqiza futhi imali yawo eyinhloko ihlanganisa izimpahla ezinesisindo sobungozi. Njengoba kunjalo, i I-Convertible Contingent Bond, ingakwazi ukukhiqiza imbuyiselo ephezulu kakhulu lapho kungase kucatshangwe khona ingozi eyodwa: ukuthi imali eyinhloko yebhizinisi elitshalayo ayibandakanyi ubungozi bezimpahla zayo; kodwa-ke, umthetho wezezimali ubulokhu usungula izinqubomgomo zokweba ama-balance sheets abo kanye nokukhulisa imali engenayo. 

Ngokunjalo, uma kubhekwa ukuthi izimo ezivamise ukuphoqa ukuguqulwa kuvame ukuba lapho izinga lemali yomtshali-zimali liwela ngaphansi kwamazinga amisiwe amisiwe, isikweletu siba yimali ngesikhathi esibucayi kakhulu kumtshali-zimali; Uma kungenjalo, uma izimo zezimali zihlala zivuma umtshali-zimali, i I-Convertible Contingent Bond Baqinisekisa umnikazi wenzuzo eqhubekayo ngokukhokhwa kwenzalo ehambisanayo, ngokuvumelana nezimo ezisungulwe ngaphambili ngesikhathi sokusebenza kwesivumelwano sokukhishwa.

Ngakho-ke, amazinga ezingozi zama-CoCos aphansi kakhulu uma kuqhathaniswa nenzuzo yawo ephumelelayo, kanye nenjongo eqhutshwa ngokutshalwa kwezimali kwawo ngokuzama ukukhulisa amazinga emali ngezikhathi ezibucayi kubatshalizimali.