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Pay-in-Kind (PIK-) Anleihen: Struktur, Bewertung und Einsatzbereiche

Pay-in-Kind (PIK-) Anleihen: Struktur, Bewertung und Einsatzbereiche

          
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About the Book

Inhaltsangabe: Zusammenfassung: Zwischen Dezember 2004 und Juli 2005 wurden elf Pay-in-Kind-(PIK-) Anleihen mit einem Gesamtvolumen von 3,1 Mrd. Euro emittiert und an europäischen Börsen zum Handel zugelassen. Während Schuldverschreibungen dieser Art im angelsächsischen Raum bereits Ende der 1980er Jahre zu Finanzierungszwecken eingesetzt wurden, stellen PIK-Anleihen in Kontinentaleuropa eine Finanzinnovation dar: bei den elf Neuemissionen handelt es sich um die ersten PIK-Anleihen, die in der europäischen Gemeinschaftswährung (bzw. deren Vorgängerwährungen) begeben wurden. Charakteristisches Kennzeichen von PIK-Anleihen ist die Möglichkeit des Emittenten, Zinsverbindlichkeiten statt durch Barauszahlung mit neu ausgegebenen, bzgl. der ursprünglichen Anleihe identischen, Schuldtiteln zu bedienen. In diesem Sinne erklärt sich die Begriffswahl für dieses Finanzierungsinstrument, die Übersetzung von pay-in-kind lautet „Zahlung in Naturalien". Abhängig von der Ausübung des sog. PIK-Wahlrechtes hinsichtlich der Art der Bedienung der Zinsverbindlichkeiten bestimmt sich der Zahlungsstrom einer PIK-Anleihe, der somit ex-ante ungewiss ist. Bei ständiger Ausübung des Wahlrechtes auf Andienung zusätzlicher Schuldtitel anstelle einer Barauszahlung der Zinsverpflichtung gleicht der Zahlungsverlauf dem einer Nullkuponanleihe; wird das Wahlrecht zu keinem Zeitpunkt ausgeübt, ist das Profil einer PIK-Anleihe identisch zur Ausgestaltung einer Kuponanleihe. Bei einer teilweisen Ausübung zu unterschiedlichen Zeitpunkten ergibt sich eine Zwischenform. Eine finanzwirtschaftliche Systematisierung und Bewertung von PIK-Anleihen wird zusätzlich durch eine Vielzahl weiterer Ausstattungsmerkmale und Emissionsvereinbarungen erschwert. Ziel der Untersuchung ist es, durch eine Analyse der wichtigsten Charakteristika von PIK-Anleihen ein Bewertungsmodell zu entwickeln, welches die wichtigsten Einflussfaktoren auf den Wert der Anleihe abbildet. Neben exogenen Größen finden dabei insbesondere e


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Product Details
  • ISBN-13: 9783838695785
  • Publisher: Diplom.de
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 4 mm
  • Weight: 104 gr
  • ISBN-10: 383869578X
  • Publisher Date: 10 May 2006
  • Height: 210 mm
  • No of Pages: 68
  • Series Title: German
  • Sub Title: Struktur, Bewertung und Einsatzbereiche
  • Width: 148 mm


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