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Debt/Equity Swaps
This paper describes the development of debt/equity swaps in the years following the emergence of the international debt crisis. It discusses some of the possible advantages and disadvantages offered by such swaps to three groups of participants--the commercial banks, the investing companies, and the indebted countries. It also provides an analysis of how these swaps are treated in the balance of payments accounts of an indebted country and discusses their possible effects on that country’s money supply, foreign exchange rate and economic growth. The paper concludes that debt/equity swaps can help to make a country’s debt burden more manageable and can contribute to economic growth, but only to a limited extent.
Debt Equity Conversions
The primary purpose of this report is to provide, in a summary form, a tour d'horizon of the main issues involved in debt equity conversion programmes in order to assist the authorities of countries that may be considering the application of such progammes. The present report endevours: (a) to assess the patterns, structures and mechanisms used so far in the development of debt equity conversion programmes; (b) to set out the main challenges and issues that face indebted countries in the area of debt conversion; (c) to identify the chief advantages and disadvantages of debt equity conversion programmes from the point of view of the host country; and, (d) to provide concrete guidelines for policy-makers who are contemplating debt equity conversion programmes.
Debt/equity Swaps
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Debt Equity Conversions and NPL Securitization in China
This note considers the role debt-equity conversions and NPL securitization can play in addressing excessive corporate debt in China, and the corresponding burden on banks of impaired assets. It finds that such techniques can play a role, but getting their design right is critical, as is nesting them within a comprehensive, system-wide, plan.
The Handbook of Convertible Bonds
This is a complete guide to the pricing and risk management of convertible bond portfolios. Convertible bonds can be complex because they have both equity and debt like features and new market entrants will usually find that they have either a knowledge of fixed income mathematics or of equity derivatives and therefore have no idea how to incorporate credit and equity together into their existing pricing tools. Part I of the book covers the impact that the 2008 credit crunch has had on the markets, it then shows how to build up a convertible bond and introduces the reader to the traditional convertible vocabulary of yield to put, premium, conversion ratio, delta, gamma, vega and parity. The ...
