Fixed-Rate Capital Securities

Topics:
Commercial Lending
Tags:
Income,
Security
Source:
The Bond Market Association

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Overview: Fixed-rate capital securities were developed in the early 1990s to meet the needs of income-oriented investors while creating a cost-efficient source of capital for issuers. From the investor’s perspective, fixed-rate capital securities combine features of corporate debt securities and preferred stock to offer the benefits of: attractive yields, fixed monthly, quarterly or semiannual income, investment time frames that are generally predictable (i.e., 20–49 years, although there are some perpetual), liquidity and investment-grade credit quality (in most cases). Like corporate debt securities, fixed-rate capital securities generally: rank senior to common and preferred shares in the issuer’s capital structure and most have a stated maturity date.

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Format: PDF | Size: 178KB | Date: Jan 2003 | Pages: 13

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