The purpose of this edition, as with previous editions, is twofold: first, to provide a general survey of the regulatory developments, whether global, regional or country specific, and executed Tier 1 and other hybrid capital transactions that have taken place in the past year; and, second, to provide a readily accessible guide, organized by issuer, product type and country, of the Tier 1 and other hybrid capital products that have been developed since 1989. The updates and additions in this edition reflect the difficult conditions many issuers have continued to face since the beginning of the global financial crisis in 2007 and the changing regulatory landscape in which we currently find ourselves.
Significant updates and additions in this year’s edition include:
- discussion of anticipated changes to the definition of regulatory capital for banks and other regulatory and rating agency developments;
- a new chapter on contingent capital instruments for banks;
- new exchange offers by 18 issuers and new cash tender offers by eight issuers; and
- 72 new hybrid capital issuances for cash and in exchange offers, chronicled by country and product type.