Contingent capital products have been hailed as a possible solution to bolstering regulatory capital levels for financial institutions. Generically, a contingent capital instrument is a hybrid security (having certain equity-like and certain debt-like features), which can serve to provide permanent capital for the financial institution issuer during stress scenarios. Thus far, we have seen two issuances of contingent capital, one in an exchange offer by Lloyds and another in an offering by Rabobank. We will place contingent capital instruments on the hybrid product continuum, and discuss the current regulatory capital developments (in Dodd-Frank and in the Basell III framework) that have stimulated the debate about contingent capital, as well as the securities, tax and other structuring considerations.

The Panel Will Address:

• Dodd-Frank regulatory capital provisions,
• Basel III capital provisions,
• Various contingent capital structures,
• Disclosure issues,
• Tax considerations,
• Other structuring considerations, and
• Rating agency and investor concerns.

Speakers:

• Thomas A. Humphreys
  Partner
  Morrison & Foerster LLP
• Anna T. Pinedo
  Partner
  Morrison & Foerster LLP
• Anthony Ragozino
  Managing Director – Head of Capital Products
  UBS Investment Bank

Contact Christie Adams at for a client discount code.

West Legalworks will provide CLE credit.