US and EU hybrid capital

Presented by

IFLR, Morrison & Foerster, Calyon

About this talk

During the financial crisis, hybrid securities were not as loss absorbing for their issuers as some expected. And a number of governments conditioned aid on deferring hybrid payments, meaning investors suffered unanticipated losses. Now discussions are underway on changing regulation and harmonising definitions of Tier 1 products. Debate has also focused on contingent capital—the newest hybrid. This free web seminar by IFLR, Morrison & Foerster and Calyon will contain: • A review of hybrid securities (tax characteristics, legal form, ratings treatment); • An assessment of the hybrid market and performance of hybrids; • Tangible common equity and other measures; • Recent issuances of hybrid securities in the US and Europe; • Changes to the ratings framework; • Regulatory capital discussions in the US and in the EU; and • Contingent capital instruments. The panelists include: Simon Crompton, Managing Editor, International Financial Law Review Annabel Daws-Chew, Hybrid Capital Structurer, Calyon Thomas A Humphreys, Partner, Morrison & Foerster LLP Anna T Pinedo, Partner, Morrison & Foerster LLP Steven Sahara, Managing Director, Global Head of Hybrid Capital Structuring, Calyon New York and California CLE credit is pending for this event. CPD credit is confirmed.

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