Germany has issued Commerzbank with hybrid capital that bears losses alongside common stock, but which gets a fixed coupon.
Proceeds will be used to meet working-capital requirements, to repurchase common stock, to refinance debt, or for general corporate purposes, filings show.
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The Collins amendment will make banks replace a commonly accepted form of hybrid capital called trust preferred securities with common stock or other securities.
Liberty Media this morning announced that it has decided to eliminate its tracking stock structure and will convert each share of Liberty Starz common stock into 0.88129 shares of Liberty Capital.
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As far as trying to do an initial public offering (IPO) of common stock to raise equity capital, forget it.
IPOs and common stock offerings flourished, as did venture capital and angel investing.
The capital that earns a variable return--the equity, the common stock--is taxed twice.
Upon the completion of all portions of the new capital raising plan, common shareholders will own about 5.5% of common stock on a diluted basis.
Morgan Stanley reported that it was comfortable with it capital position, the results of its stress tests, and that it would dedicate its capital expenditures to capitalize its internal units, while PNC announced it would raise its common stock dividend.
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If a government recapitalisation does prove necessary, the treasury is likely to take one of two routes: a preferred-stock investment that allows the agencies to raise more capital of their own, or nationalisation through a common-equity injection that leaves current owners with nothing, and thus offers the taxpayer a better deal.
Those capital requirements would have to be in common equity money retained from profit or raised through the sale of stock.
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