Abstract
The first part of this chapter examines convertible securities, such as convertible bonds and mandatory convertibles. The second part of the chapter focuses on Wall Street innovation. Investment banks are creative in achieving the varying objectives of both their issuing and investing clients. New forms of securities must take into account not only client economic priorities but also consider legal, tax, accounting, and political issues. All large investment banks have teams that attempt to create new products, working with internal and outside advisors including lawyers, accountants, tax experts, and regulatory experts. Areas with substantial innovation in recent decades include the convertible market, warrants, structured finance, municipal securities, pension funds, M&A, and others. Two examples of investment banking product innovations are discussed in this chapter: Nikkei put warrants and accelerated share repurchase programs.
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