The CFA Society Luxembourg is inviting attendees to a presentation on Contingent Convertibles (CoCos) by Professor Theo Vermaelen of INSEAD Business School and PhD researcher Mouctar Bah of Ghent University. CoCos are innovative hybrid debt instruments that can convert into equity upon certain triggers. The presentation will detail the design of CoCos, including a proposed enhanced convertible structure, and examine their impact on corporate governance and pricing. Attendees will have the opportunity to learn about this growing market from experts, discuss issues, and network with peers. The event will provide 1 CE credit and include a presentation and networking cocktail.

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Contingent Convertibles: What are they and how
do they impact corporate governance and pricing?
Dear Valerie,
CFA Society Luxembourg is proud to invite you to a presentation by Prof. Theo Vermaelen (INSEAD
Business School) and Mouctar Bah (PhD researcher - Ghent University) on Contingent Convertibles
(CoCos).
An innovative CoCos design is proposed: Call Option Enhanced Convertible (COERC) with a market
trigger and conversion into equity. This design is argued to bring about a lower risk to the bond holder
and a lower cost to the issuer.
The presentation will detail the design of the CoCos and its impact on corporate governance and
pricing.
Consider the following related questions:
* Do you want to get familiar with this market, a growing market with many banks continuing to issue
new CoCos?
* Do you want to hear an expert on this subject explain how this functions and what the impacts are
on Governance and Pricing?
* Do you want to enter into the discussion with experienced experts on the subject?
* Do you want to network amongst your peers and exchange ideas with other members of our
Society?
Then you should certainly attend this event!
This event will receive 1 CE credit.
When
Wednesday October 8, 2014 from
6:30 PM to 9:30 PM CEST
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Where
Hotel Le Royal
12 Boulevard Royal
Luxembourg L-2449
Register Now!
I can't make it
Our speakers:
Theo Vermaelen, INSEAD
Theo Vermaelen is the Schroders professor of
international finance and asset management
at INSEAD, Fontainebleau, where he teaches
Corporate Financial Strategy in Global
Markets.
He is a graduate of the Department of Applied
Economics at the Catholic University of
Leuven and obtained an MBA and PhD in finance from the
Graduate School of Business, University of Chicago. He has

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Agenda
6.30 - 7.00: Registrations
7.00 - 8.15: Presentation
8.15 - 9.30: Networking cocktail
This event will receive 1 CE credit.
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taught at the University of British Columbia, the Catholic
University of Leuven, the London Business School, UCLA, and
the University of Chicago. Prof.Vermaelen has published articles
on corporate finance and investment in leading academic
journals, including the Journal of Finance, the Journal of
Financial Economics and the Journal of Banking and Finance.
He is coeditor of the Journal of Empirical Finance and associate
editor of the Journal of Corporate Finance and the European
Financial Review. He is also a consultant to various corporations
and government agencies and program director of the
Amsterdam Institute of Finance.
Mouctar Bah, Ghent University & Initio
Mouctar Bah is a PhD student at the Ghent
University, his research topic is "Contingent
Capital & Financial Institutions" and he is also
consultant at INITIO on Investment Banking/
Asset management related topics.
Currently, as a consultant of INITIO, he is on
assignment at KBC securities.
Prior joining KBC he was assigned at the collateral team of BNP
Investment Partners and BNP Fortis. Prior to joining INITIO,
Mouctar worked for 2 years for Deloitte's Enterprise Risk
Services department where he was mainly involved in BASEL II,
IFRS 9, fixed income and derivatives valuation projects. His main
clients were KBC, Dexia and Cofinimmo.
He holds a Master degree in (Corporate) Finance from Ghent
University and Solvay Business School.
We look forward to seeing you then.
Sincerely,
CFA Society Luxembourg
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