oks: Hybrids, Covenants, Convertibles

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Hybrids, Covenants, Convertibles

The working group on hybrids, covenants, and convertibles deals with special interest rate instruments in the CHF capital market.

In a first phase the design of such instruments using covenants is in the foreground, the purpose being the protection of bondholders against takeovers and other events that would negatively impact ratings. In particular the working group strives towards a profound legal and economic understanding of covenants – coupled with a statistic evaluation of the Swiss capital market.

The working group targets an in-depth discussion of this field of topics and, if possible, the formulation of recommendations on designing covenants.

At irregular intervals the working group carries out events, which are announced in our event calendar. Invitations are sent via e-mail.

This working group is headed jointly by Mr. Hansjörg Schmidt and Mr. Markus Kramer.

Events of the Working Group

Publications and papers pertaining to past events and working group meetings will be published here as soon as possible. We are working on it.

General Assembly OKS

The general assembly took place on May 10, 2012 at the Hotel Widder. The event was a great success not only by the number of attendee. The official part was followed by a presentation of Dr. Dominique Ammann (PPC Metrics) and a social part.

Link to the presentation

Swiss bond market - undamaged through the financial crisis

According to the Swiss National Bank (SNB), the Swiss franc bond market has lived up to its reputation for stability.The Swiss bond market held up well during the financial crisis. This is the conclusion drawn by the Swiss National Bank in a guest article[PDF] for SIX Swiss Exchange that also deals with the role the domestic bond market plays with regard to crisis-combating measures. According to SNB there are three main features that characterize the Swiss bond market: a growth rate among the lowest worldwide, a much bigger market for non-public borrowers than for public ones and the fact that foreign issuers account for a greater share of the market than their domestic counterparts. (Link SIX Swiss Exchange)