Protections obtained by mezzanine in recent leveraged financings exceed those contained in the LMA's revised intercreditor agreement. Here's why they are the new market benchmark
There was renewed buzz around contingent convertible capital instruments (CoCos) last year, off the back of impressive issuances by UBS and Barclays. The permanent write-down – rather than conversion to equity – adopted in both deals led to speculation of a new breed of CoCo. But these deals represent just one of many twists to the classic CoCo concept that will appear this year.
The first Russian covered bond issuance to receive a rating higher than its issuer could prompt more use of the capital raising tool by the country's fragmented banking sector.
Lord Peter Goldsmith The former UK Attorney General has called for a more flexible form of deferred prosecution agreement (DPA) than that proposed by the UK government. For DPAs to be an effective enforcement tool, prosecutors must be able to offer agreeable terms and incentivise companies to self-report, Lord Peter Goldsmith told IFLR. This could be difficult under the stringent approval process the government proposes to introduce as early as next year.
There was renewed buzz around CoCos last year, off the back of impressive issuances by UBS and Barclays. Lawyers expect greater diversification of Tier 2 capital instruments in 2013
