Intermediate
Conversion write downs and coupon cancellation
Conversion, principal write down and coupon cancellation affect different parts of an investment. Map each mechanism separately before estimating a stress recovery.
Read articleFOLITIC / HYBRID SECURITIES
Hybrid Securities Trading Guide
Understand securities that combine features of debt, equity and derivatives. Follow eight stages covering preferred shares, convertibles, corporate hybrids, bank capital and structured notes.
Start with What makes a security a hybrid, then follow the next lesson links. Explore 32 lessons with worked examples, exercises and further reading.
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Loss absorption · All lessons
Bank Capital and Contingent Conversion
Examine capital triggers, coupon cancellation, conversion and potential principal losses.