Cumulative coupon deferral with a dividend pusher/stopper;1
Long tenors or no maturity date at all. There are moderate incentives to redeem;
Certain call options with call dates that typically take effect 5 or 10 years after the date of issuance. The securities are typically valued in the market on the assumption that an issuer will redeem them on the first call date;2
The absence of a conversion/principal write-down mechanism, which is a feature of financial hybrids.
KeywordsCall Option Share Capital Insolvency Proceeding Prefer Stock Payment Satisfaction
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