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Auteur Alice BERNAZ |
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Perpetual debt issuance by non-financial corporate firms / Alice BERNAZ / 2016
Titre : Perpetual debt issuance by non-financial corporate firms Type de document : Mémoire Auteurs : Alice BERNAZ Année de publication : 2016 Importance : 27 p. Note générale : Pour accéder aux fichiers PDF, merci de vous identifier sur le catalogue avec votre compte Office 365 via le bouton CONNEXION en haut de page. Langues : Anglais (eng) Mots-clés : Management
DETTE ; OBLIGATION ; OPTIONRésumé : The objective of this paper is to identify the reasons that support the issuance of perpetual debt by non-financial corporate firms. In order to have a comprehensive understanding of the debt maturity choice process, this dissertation gathers the main theories in the literature review. It then focuses on the caracteristics of hybrid bonds, a type of debt instruments which can be perpetual. The hybrid bonds issues are increasingly popular among non-financial corporate issuers since the end of the 1990’s. These products’ structure generally contains an embedded call option that can be exerced by the issuer after a call-protection period. At the end of this protection period, the bonds is effectively called in most cases and the bond is no longer a perpetual debt. In order to determine the reasons that support this behaviour, the author attempts to identify the caracteristics of non-financial corporate perpetual bonds issuers. Programme : PGE-Rouen Spécialisation : Finance d’Entreprise - Corporate Finance Permalink : https://cataloguelibrary.neoma-bs.fr/index.php?lvl=notice_display&id=225305
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