High-fashion hybrids: corporate finance

Article Abstract:

Cash-poor firms seeking to 'deleverage' have begun to issue preference equity redemption cumulative stock (PERCS). PERCS are hybrid instruments that in effect combine a common stock purchase with the sale to the issuing firm of a call option on the stock.

Innovations, Securities, Hybrid instruments (Finance), Hybrid instruments (Securities)

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Banco fiasco: Italian public debt

Article Abstract:

The Italian government's offer to bail out EFIM by issuing low-interest bonds was thwarted when banks refused to accept the bonds. The banks are calling in their loans and EFIM declared insolvency. The history of the EFIM financial crisis is analysed.

Italy, Finance, Economic policy, National debt, Public debts, Ente Partecipazioni e Finanziamento Industria Manifatturiera

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Slippery risk: corporate finance

Article Abstract:

Corporations must balance risks with the profits to be gained. Among choices available to the financial officers of firms are: using the Touche Ross company's risk-analysis service for individual firms or establishing benchmarks to lessen risk.

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