Die umgekehrte Wandelschuldverschreibung in der Insolvenz

Reverse convertible bonds, which provide banks with an additional opportunity to be equipped with regulatory core capital, are a response to the financial crisis of 2008. This type of bond follows the principle of risk internalisation and is designed especially for crisis situations. In this study, the author therefore conducts an insolvency analysis. Basing this analysis on the effects of insolvency proceedings on the existence of a bond, he discusses the responsibility for implementing its conversion in the context of the interplay between corporate capital measures and creditor-oriented insolvency administration. He then sets out the implementation maxims and provides an outlook on the ways of structuring both the behaviour of the bond in insolvency proceedings and investors’ interests in advance.