{"id":229,"date":"2016-06-26T09:27:44","date_gmt":"2016-06-26T00:27:44","guid":{"rendered":"http:\/\/finance-gfp.com\/?page_id=229"},"modified":"2024-11-06T06:57:29","modified_gmt":"2024-11-05T21:57:29","slug":"nissei_highbrid","status":"publish","type":"post","link":"https:\/\/finance-gfp.com\/?p=229","title":{"rendered":"CoCo\u50b5\u306e\u30dd\u30a4\u30f3\u30c8\u3010\u30cb\u30c3\u30bb\u30a4\u4e16\u754c\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u8a3c\u5238\u6226\u7565\u30d5\u30a1\u30f3\u30c9\u3092\u4f8b\u306b\u89e3\u8aac\u3011"},"content":{"rendered":"<p><span class=\"ymarker-s\">\u3053\u3061\u3089\u306e\u30da\u30fc\u30b8\u306f\u300c\u30cb\u30c3\u30bb\u30a4\u4e16\u754c\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u8a3c\u5238\u6226\u7565\u30d5\u30a1\u30f3\u30c9\uff08\u30a2\u30c9\u30d0\u30f3\u30b9\u30c9\u30fb\u30a4\u30f3\u30ab\u30e0\uff09\u300d\u3092\u4f8b\u306bCoCo\u50b5\u306e\u30dd\u30a4\u30f3\u30c8\u3084\u30ea\u30b9\u30af\u3092\u63b2\u8f09\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<p>\u5927\u90e8\u5206\u306f\u300cCoCo\u50b5\u300d\u5168\u822c\u306b\u5171\u901a\u3059\u308b\u5185\u5bb9\u3067\u3059\u306e\u3067\u3001\u300cCoCo\u50b5\u300d\u306e\u898b\u901a\u3057\u3092\u5206\u6790\u3059\u308b\u4e0a\u3067\u6d3b\u7528\u3044\u305f\u3060\u3051\u307e\u3059\u3002<\/p>\n<p>CoCo\u50b5\u306e\u30dd\u30a4\u30f3\u30c8\u3092\u307e\u3068\u3081\u308b\u3068\u4e0b\u8a18\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n<ul>\n<li><span class=\"rmarker-s\">CoCo\u50b5\u306f\u3044\u308f\u3086\u308bAT1\u50b5\uff08Additional Tier1\u50b5\uff09\u306e\u4e00\u7a2e<\/span><\/li>\n<li><span class=\"rmarker-s\">\u30c9\u30eb\u5efa\u3066\u306eCoCo\u50b5\u306f\u4e3b\u306b\u6b27\u5dde\u306e\u5927\u624b\u91d1\u878d\u6a5f\u95a2\u304c\u767a\u884c<\/span><\/li>\n<li><span class=\"rmarker-s\">CoCo\u50b5\u306f\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u304c\u30c8\u30ea\u30ac\u30fc\uff085.125\uff05 or 7%\uff09\u306b\u30d2\u30c3\u30c8\u3059\u308b\u3068\u5143\u672c\u524a\u6e1b\u3084\u682a\u5f0f\u8ee2\u63db\u304c\u884c\u308f\u308c\u308b\u50b5\u5238<\/span><\/li>\n<li><span class=\"rmarker-s\">\u666e\u901a\u793e\u50b5\u3068\u6bd4\u8f03\u3057\u3066\u76f8\u5bfe\u7684\u306b\u9ad8\u3044\u5229\u56de\u308a<\/span><\/li>\n<li><span class=\"rmarker-s\">\u91d1\u878d\u6a5f\u95a2\u306e\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u306f\u4e0a\u6607\u50be\u5411\u3067\u30c8\u30ea\u30ac\u30fc\u30d2\u30c3\u30c8\u306e\u53ef\u80fd\u6027\u306f\u9ad8\u304f\u306a\u3044<\/span><\/li>\n<li><span class=\"rmarker-s\">\u7e70\u308a\u4e0a\u3052\u511f\u9084\uff08\u30d5\u30a1\u30fc\u30b9\u30c8\u30b3\u30fc\u30eb\uff09\u306e\u30b9\u30ad\u30c3\u30d7\u306b\u306f\u6ce8\u610f\u3010\u30b9\u30ad\u30c3\u30d7\u306e\u30ea\u30b9\u30af\u3092\u8efd\u6e1b\u3059\u308b\u306b\u306f\u30b9\u30d7\u30ec\u30c3\u30c9\u304c\u5927\u304d\u3044\u9298\u67c4\u3092\u9078\u629e\u3011<\/span><\/li>\n<\/ul>\n<p>\u8a73\u7d30\u306f\u4e0b\u8a18\u3092\u3054\u89a7\u304f\u3060\u3055\u3044\u3002\u30c7\u30fc\u30bf\u3084\u5185\u5bb9\u306f\u968f\u6642\u3001\u66f4\u65b0\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n<!-- WP QUADS v. 3.0.1  Shortcode Ad -->\n<div class=\"quads-location quads-ad\" id=\"quads-ad\" style=\"float:none;margin:0px 0 0px 0;text-align:center;\">\n<script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<!-- \u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30b9\u30bf\u30fc\uff08\u8a18\u4e8b\u4e0a\u30ec\u30b9\u30dd\u30f3\u30b7\u30d6\uff09 -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-5603670596158988\"\r\n     data-ad-slot=\"4486034607\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n\n<p>\u307e\u305a\u6700\u521d\u306b\u30cb\u30c3\u30bb\u30a4\u4e16\u754c\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u8a3c\u5238\u6226\u7565\u30d5\u30a1\u30f3\u30c9\uff08\u30a2\u30c9\u30d0\u30f3\u30b9\u30c9\u30fb\u30a4\u30f3\u30ab\u30e0\uff09\u306e\u5546\u54c1\u6982\u8981\u304b\u3089\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n<h2>\u30cb\u30c3\u30bb\u30a4\u4e16\u754c\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u8a3c\u5238\u6226\u7565\u30d5\u30a1\u30f3\u30c9\uff08\u30a2\u30c9\u30d0\u30f3\u30b9\u30c9\u30fb\u30a4\u30f3\u30ab\u30e0\uff09\u306e\u5546\u54c1\u6982\u8981<\/h2>\n<h3>\u5b9f\u8cea\u7684\u306a\u904b\u7528\u4f1a\u793e<\/h3>\n<ul>\n<li>\u30d4\u30e0\u30b3\uff08\u59d4\u8a17\u4f1a\u793e\uff1a\u30cb\u30c3\u30bb\u30a4\u30a2\u30bb\u30c3\u30c8\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\uff09<\/li>\n<\/ul>\n<h3>\u6295\u8cc7\u5bfe\u8c61<\/h3>\n<ul>\n<li>CoCo\u50b5\u3001\u512a\u5148\u8a3c\u5238\u7b49<\/li>\n<li>\u30a2\u30d0\u30f3\u30b9\u30c9\u30fb\u30a4\u30f3\u30ab\u30e0\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306f\u5229\u56de\u308a\u306e\u9ad8\u3044CoCo\u50b5\u3092\u4e2d\u5fc3\u306b\u3001\u512a\u5148\u8a3c\u5238\u3001\u30d0\u30fc\u30bc\u30eb\u2161\u5bfe\u5fdc\u306e\uff08\u30d0\u30fc\u30bc\u30eb\u2162\u306b\u5bfe\u5fdc\u3057\u3066\u3044\u306a\u3044\uff09\u52a3\u5f8c\u50b5\u3001\u793e\u50b5\u7b49\u3082\u7d44\u307f\u5165\u308c\u6d41\u52d5\u6027\u306b\u3082\u914d\u616e\u3057\u305f\u69cb\u6210\u306b\u306a\u3063\u3066\u3044\u308b\u3002<\/li>\n<li>\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u5229\u56de\u308a\u306f\u6708\u6b21\u30ec\u30dd\u30fc\u30c8\u3092\u53c2\u7167\uff1a<a href=\"http:\/\/www.nam.co.jp\/fundinfo\/nshssf_p\/main.html\" target=\"_blank\" rel=\"noopener noreferrer\">\u30cb\u30c3\u30bb\u30a4\u30a2\u30bb\u30c3\u30c8\/\u30cb\u30c3\u30bb\u30a4\u4e16\u754c\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u8a3c\u5238\u6226\u7565\u30d5\u30a1\u30f3\u30c9\uff08\u30a2\u30c9\u30d0\u30f3\u30b9\u30c9\u30fb\u30a4\u30f3\u30ab\u30e0\uff09<\/a><\/li>\n<\/ul>\n<h3>\u5546\u54c1\u7d44\u6210\u4e0a\u306e\u7279\u5fb4<\/h3>\n<ul>\n<li>3\u30b3\u30fc\u30b9\u3042\u308a\n<ul>\n<li>\u70ba\u66ff\u30d8\u30c3\u30b8\u3042\u308a<\/li>\n<li>\u70ba\u66ff\u30d8\u30c3\u30b8\u306a\u3057<\/li>\n<li>\u901a\u8ca8\u30d7\u30ec\u30df\u30a2\u30e0\u30b3\u30fc\u30b9<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>\u4fe1\u8a17\u5831\u916c<\/h3>\n<ul>\n<li>2.0185%<\/li>\n<\/ul>\n<h2>CoCo\u50b5\u306e\u30dd\u30a4\u30f3\u30c8\u30fb\u30e1\u30ea\u30c3\u30c8<\/h2>\n<h3>CoCo\u50b5\u306b\u3064\u3044\u3066<\/h3>\n<ul>\n<li><span class=\"ymarker-s\">CoCo\u50b5\uff08Contingent Convertible Bonds\uff1a\u5076\u767a\u8ee2\u63db\u793e\u50b5\uff09\u3068\u306f\u3001\u767a\u884c\u4f53\u3067\u3042\u308b\u91d1\u878d\u6a5f\u95a2\u306e\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u304c\u3042\u3089\u304b\u3058\u3081\u5b9a\u3081\u3089\u308c\u305f\u6c34\u6e96\u3092\u4e0b\u56de\u3063\u305f\u5834\u5408\u306a\u3069\u306b\u304a\u3044\u3066\u3001\u5143\u672c\u306e\u4e00\u90e8\u307e\u305f\u306f\u5168\u90e8\u304c\u524a\u6e1b\u3055\u308c\u308b\u3001\u307e\u305f\u306f\u3001\u5f37\u5236\u7684\u306b\u682a\u5f0f\u306b\u8ee2\u63db\u3055\u308c\u308b\u306a\u3069\u306e\u4ed5\u7d44\u307f\uff08\u30c8\u30ea\u30ac\u30fc\uff09\u3092\u6709\u3059\u308b\u8a3c\u5238\u3002<\/span><\/li>\n<li>\u30d0\u30fc\u30bc\u30eb\u2162\u306b\u5bfe\u5fdc\u3057\u305f\u65b0\u578b\u306e\u52a3\u5f8c\u50b5\u3067\u3001\u3044\u308f\u3086\u308bAT1\u50b5\uff08Additional Tier1\u50b5\uff09\u306e\u4e00\u7a2e\u3067\u3042\u308b\u3002<\/li>\n<li>\u3053\u306e\u3088\u3046\u306a\u7279\u6027\u304b\u3089\u3001CoCo\u50b5\u306f\u540c\u4e00\u767a\u884c\u4f53\u306e\u666e\u901a\u793e\u50b5\u3084\u52a3\u5f8c\u50b5\u306a\u3069\u3068\u6bd4\u3079\u3066\u5229\u56de\u308a\u6c34\u6e96\u304c\u9ad8\u3044\u3002<\/li>\n<li>\u3055\u3089\u306b\u3001\u8db3\u5143\u3067\u306fCoCo\u50b5\u306f\u6bd4\u8f03\u7684\u65b0\u3057\u3044\u8cc7\u7523\u3067\u3042\u308a\u3001\u4e00\u822c\u7684\u306a\u793e\u50b5\u306a\u3069\u306b\u6bd4\u3079\u3066\u53d6\u5f15\u53c2\u52a0\u8005\u304c\u5c11\u306a\u304f\u6d41\u52d5\u6027\u306e\u9762\u3067\u306f\u3084\u3084\u52a3\u308b\u3002\u3053\u308c\u304c\u767a\u884c\u4f53\u306e\u4fe1\u7528\u529b\u306e\u5272\u306b\u306fCoCo\u50b5\u306e\u5229\u56de\u308a\u304c\u9ad8\u3044\u8981\u56e0\u306e\uff11\u3064\u3068\u306a\u3063\u3066\u3044\u308b\u3002\uff08\u6d41\u52d5\u6027\u30d7\u30ec\u30df\u30a2\u30e0\uff09<\/li>\n<li>CoCo\u50b5\u3092\u767a\u884c\u3059\u308b\u306e\u306f\u6b27\u5dde\u3084\u65e5\u672c\u306e\u9280\u884c\u3067\u3042\u308b\u3002\u7c73\u9280\u304c\u767a\u884c\u3059\u308b\u30d0\u30fc\u30bc\u30eb\u2162\u5bfe\u5fdc\u306e\u50b5\u5238\u306fCoCo\u50b5\u5f62\u5f0f\u3067\u306f\u306a\u3044\uff08\u512a\u5148\u682a\u3084\u512a\u5148\u8a3c\u5238\u3092\u63a1\u7528\uff09\u3002BIS\u306e\u81ea\u5df1\u8cc7\u672c\u898f\u5236\u306e\u5b9f\u52d9\u306f\u5404\u56fd\u306e\u4e2d\u592e\u9280\u884c\u306b\u59d4\u306d\u3089\u308c\u3066\u3044\u308b\u3053\u3068\u304b\u3089\u5bfe\u5fdc\u304c\u7570\u306a\u3063\u3066\u3044\u308b\u3002<\/li>\n<li>\u30c9\u30eb\u5efa\u3066CoCo\u50b5\u306e\u767a\u884c\u4f53\u306f\u6b27\u5dde\u306e\u5927\u624b\u91d1\u878d\u6a5f\u95a2\u304c\u4e2d\u5fc3<\/li>\n<\/ul>\n<h3>CoCo\u50b5\u306e\u30c8\u30ea\u30ac\u30fc\u30d2\u30c3\u30c8\u306e\u53ef\u80fd\u6027\u306f\u4f4e\u3044<\/h3>\n<ul>\n<li>\u591a\u304f\u306eCoCo\u50b5\u306e\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u306e\u30c8\u30ea\u30ac\u30fc\u306f5.125\uff05\u304b7.0%\u304c\u4e00\u822c\u7684\uff08\u30e6\u30fc\u30ed\u570f\u306f5.125%\u3067\u30a4\u30ae\u30ea\u30b9\u3084\u30b9\u30a4\u30b9\u306f7%\u3068\u306a\u3063\u3066\u3044\u308b\u30b1\u30fc\u30b9\u304c\u591a\u3044\uff09<\/li>\n<li>\u00a0CoCo\u50b5\u306e\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u306e\u30c8\u30ea\u30ac\u30fc\u306f<strong>\u300c\u666e\u901a\u682a\u5f0f\u7b49Tier1\uff08CET1\uff09\u300d<\/strong>\u3067\u5224\u5b9a\u3055\u308c\u308b<\/li>\n<li><strong>\u300c\u666e\u901a\u682a\u5f0f\u7b49Tier1\uff08CET1\uff09\u300d<\/strong>\u306fTier1\u304b\u3089\u305d\u306e\u4ed6Tier1\u3092\u63a7\u9664\u3057\u305f\u3082\u306e\uff08\u666e\u901a\u682a\u5f0f\u7b49Tier1\uff1dTier1\uff0d\u305d\u306e\u4ed6Tier1\uff09<\/li>\n<li>\u305d\u306e\u4ed6Tier1\u306f\u300cAdditional Tier1\u300d\uff08AT1\uff09\u3068\u3082\u547c\u3070\u308c\u308b\uff08\u305d\u306e\u305f\u3081CoCo\u50b5\u306fAT1\u50b5\u3068\u547c\u3070\u308c\u308b\u3053\u3068\u3082\u3042\u308b\uff09<\/li>\n<li>\u4e3b\u8981\u9280\u884c\u306eTier1\u6bd4\u7387\u3068\u666e\u901a\u682a\u5f0f\u7b49Tier1\u6bd4\u7387\u306f\u3053\u3061\u3089\u3092\u53c2\u7167\uff1a<a href=\"https:\/\/finance-gfp.com\/?p=5602\" target=\"_blank\" rel=\"noopener noreferrer\">\u4e16\u754c\u306e\u5927\u624b\u9280\u884c\u306eTier1\u6bd4\u7387\u3068\u666e\u901a\u682a\u5f0f\u7b49Tier1\u6bd4\u7387\uff08CoCo\u50b5\u3067\u91cd\u8981\uff09<\/a><\/li>\n<li><span class=\"ymarker-s\">\u5927\u624b\u9280\u884c\u306e\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u306b\u95a2\u3057\u3066\u306f\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u4ee5\u964d\u3001\u898f\u5236\u304c\u53b3\u3057\u304f\u306a\u3063\u305f\u3053\u3068\u3082\u3042\u308a\u3001\u5927\u5e45\u306b\u4e0a\u6607\u3057\u3066\u304a\u308a\u3001CoCo\u50b5\u306e\u5143\u672c\u524a\u6e1b\u30c8\u30ea\u30ac\u30fc\u306b\u30d2\u30c3\u30c8\u3059\u308b\u53ef\u80fd\u6027\u306f\u304b\u306a\u308a\u4f4e\u3044\u3068\u8003\u3048\u3089\u308c\u308b\u3002<\/span><\/li>\n<li>\u5404\u884c\u3068\u3082\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u4e26\u307f\u306e\u30d1\u30cb\u30c3\u30af\u3067\u6570\u5146\u5186\u898f\u6a21\u306e\u640d\u5931\u3092\u8a08\u4e0a\u3057\u3066\u3082\u30c8\u30ea\u30ac\u30fc\u306b\u306f\u30d2\u30c3\u30c8\u3057\u306a\u3044\u6c34\u6e96\u3068\u306a\u3063\u3066\u3044\u308b<\/li>\n<\/ul>\n<h3>CoCo\u50b5\u3092\u6bc0\u640d\u3055\u305b\u308b\u308f\u3051\u306b\u306f\u3044\u304b\u306a\u3044<\/h3>\n<ul>\n<li>\u30d0\u30fc\u30bc\u30eb\u2161\u5bfe\u5fdc\u52a3\u5f8c\u50b5\u306e\u6642\u3082\u540c\u69d8\u3067\u3042\u3063\u305f\u304c\u3001\u81ea\u5df1\u8cc7\u672c\u898f\u5236\u306e\u70ba\u3001\u91d1\u878d\u6a5f\u95a2\u306b\u3068\u3063\u3066\u306f\u4eca\u5f8c\u3082CoCo\u50b5\u306f\u5fc5\u305a\u767a\u884c\u3057\u3066\u3044\u304b\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u50b5\u5238\u3067\u3042\u308b\u3002<\/li>\n<li>\u30c8\u30ea\u30ac\u30fc\u306b\u30d2\u30c3\u30c8\u3057\u4e00\u90e8\u524a\u6e1b\u7b49\u304c\u4e00\u5ea6\u3067\u3082\u884c\u308f\u308c\u308b\u3068\u4eca\u5f8cCoCo\u50b5\u3092\u767a\u884c\u3067\u304d\u306a\u304f\u306a\u308b\u3068\u4e88\u60f3\u3055\u308c\u308b\u3053\u3068\u304b\u3089\u3001\u3042\u3089\u3086\u308b\u624b\u6bb5\u3092\u4f7f\u3063\u3066\u56de\u907f\u3057\u3066\u3044\u304f\u3053\u3068\u304c\u4e88\u60f3\u3055\u308c\u308b<\/li>\n<\/ul>\n<h3>\u5b9f\u8cea\u7684\u306a\u5b89\u5168\u6027\u306f\u683c\u4ed8\u3051\u306e\u6c34\u6e96\u3088\u308a\u9ad8\u3044<\/h3>\n<ul>\n<li>CoCo\u50b5\u306e\u683c\u4ed8\u3051\u306f\u540c\u3058\u767a\u884c\u4f53\u306e\u30b7\u30cb\u30a2\u50b5\u3088\u308a\u6570\u30ce\u30c3\u30c1\u4f4e\u304f\u306a\u308b\u305f\u3081\u3001\u6295\u8cc7\u9069\u683c\u3067\u306f\u306a\u3044BB\u683c\u4ee5\u4e0b\u306e\u3082\u306e\u3082\u591a\u3044\u304c\u3001\u30b7\u30cb\u30a2\u50b5\u30d9\u30fc\u30b9\u3067\u306f\u3069\u3053\u3082BBB\u683c\u4ee5\u4e0a\u3067\u3042\u308a\u3001\u50b5\u5238\u306e\u300c\u9854\u300d\u306f\u975e\u5e38\u306b\u826f\u3044\u3002<\/li>\n<\/ul>\n<h2>\u30cb\u30c3\u30bb\u30a4\u4e16\u754c\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u8a3c\u5238\u6226\u7565\u30d5\u30a1\u30f3\u30c9\uff08\u30a2\u30c9\u30d0\u30f3\u30b9\u30c9\u30fb\u30a4\u30f3\u30ab\u30e0\uff09\u306e\u30dd\u30a4\u30f3\u30c8\u30fb\u30e1\u30ea\u30c3\u30c8<\/h2>\n<h3>\u6295\u4fe1\u3067\u8cfc\u5165\u3059\u308b\u3053\u3068\u3067\u6d41\u52d5\u6027\u3092\u78ba\u4fdd\u3059\u308b\u3053\u3068\u304c\u53ef\u80fd<\/h3>\n<ul>\n<li>\u6d41\u52d5\u6027\u306e\u9762\u306b\u95a2\u3057\u3066\u306f\u500b\u5225\u306e\u50b5\u5238\uff08CoCo\u50b5\uff09\u3092\u8cfc\u5165\u3057\u305f\u5834\u5408\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u304c\u6df7\u4e71\u3057\u305f\u969b\u306b\u58f2\u5374\u3057\u3088\u3046\u3068\u3059\u308b\u3068\u4e88\u60f3\u4ee5\u4e0a\u306b\u4fa1\u683c\u304c\u5909\u52d5\u3057\u3066\u3057\u307e\u3046\u30ea\u30b9\u30af\u304c\u3042\u308b\u304c\u3001\u6295\u8cc7\u4fe1\u8a17\u3092\u7d4c\u7531\u3057\u3066\u9593\u63a5\u7684\u306b\u8cfc\u5165\u3059\u308b\u3053\u3068\u3067\u3053\u306e\u30ea\u30b9\u30af\u306f\u8efd\u6e1b\u3067\u304d\u308b\u3002<\/li>\n<li>\u3055\u3089\u306b\u30a2\u30c9\u30d0\u30f3\u30b9\u30c8\u30fb\u30a4\u30f3\u30ab\u30e0\u306e\u5834\u5408\u306f\u793e\u50b5\u7b49\u306b\u3082\u5206\u6563\u6295\u8cc7\u3057\u3001\u89e3\u7d04\u306b\u5bfe\u3059\u308b\u6d41\u52d5\u6027\u30ea\u30b9\u30af\u306b\u3082\u914d\u616e\u3057\u3066\u3044\u308b\u3002<\/li>\n<\/ul>\n<h3>\u30a2\u30c9\u30d0\u30f3\u30b9\u30c9\u30fb\u30a4\u30f3\u30ab\u30e0\u306e\u904b\u7528\u306f\u50b5\u5238\u30d5\u30a1\u30f3\u30c9\u306e\u96c4\u3067\u3042\u308b\u30d4\u30e0\u30b3<\/h3>\n<ul>\n<li>\u00a0\u30d4\u30e0\u30b3\u306f\u50b5\u5238\u5c02\u9580\u306e\u904b\u7528\u4f1a\u793e\u3002<\/li>\n<li>\u00a0\u50b5\u5238\u306e\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u6b8b\u9ad8\u306f\u7d04200\u5146\u5186\u3067\u5727\u5012\u7684\u4e16\u754cNo1<\/li>\n<li>\u00a0\u30de\u30af\u30ed\u7d4c\u6e08\u4e88\u6e2c\u3068\u9ad8\u3044\u5206\u6790\u529b\u306b\u5b9a\u8a55\u3042\u308a<\/li>\n<li>\u00a01987\u5e74\uff5e2006\u5e74\u307e\u3067FRB\u8b70\u9577\u3092\u52d9\u3081\u305f\u30a2\u30e9\u30f3\u30fb\u30b0\u30ea\u30fc\u30f3\u30b9\u30d1\u30f3\u304c2007\u5e74\uff5e2012\u5e74\u306b\u304b\u3051\u3066\u30d4\u30e0\u30b3\u3068\u7d4c\u6e08\u5206\u91ce\u306e\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u5951\u7d04\u3092\u7d50\u3073\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc\u3092\u52d9\u3081\u305f<\/li>\n<li>\u540c\u69d8\u306b\u30012006\u5e74\uff5e2014\u5e74\u307e\u3067FRB\u8b70\u9577\u3092\u52d9\u3081\u305f\u30d9\u30f3\u30fb\u30d0\u30fc\u30ca\u30f3\u30ad\u304c2015\u5e74\u306b\u30d4\u30e0\u30b3\u306e\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc\u306b\u5c31\u4efb\u3057\u305f<\/li>\n<li>\u30d0\u30fc\u30ca\u30f3\u30ad\u4ee5\u5916\u3067\u306f\u82f1\u56fd\u5143\u9996\u76f8\u30fb\u5143\u8ca1\u52d9\u5927\u81e3\u306e\u30b4\u30fc\u30c9\u30f3\u30d6\u30e9\u30a6\u30f3\u3001\u6b27\u5dde\u4e2d\u592e\u9280\u884c(ECB)\u524d\u7dcf\u88c1\u306e\u30b8\u30e3\u30f3\u30af\u30ed\u30fc\u30c9\u30fb\u30c8\u30ea\u30b7\u30a7\u3082\u30a2\u30c9\u30d0\u30a4\u30b6\u30ea\u30fc\u30dc\u30fc\u30c9\u306b\u540d\u3092\u9023\u306d\u3066\u304a\u308a\u7c73\u56fd\u30fb\u82f1\u56fd\u30fb\u6b27\u5dde\u3068\u3044\u3046\u4e3b\u8981\u50b5\u5238\u30de\u30fc\u30b1\u30c3\u30c8\u306e\u30ad\u30fc\u30de\u30f3\u306e\u60c5\u5831\u3092\u904b\u7528\u306b\u6d3b\u7528\u3057\u3066\u3044\u308b<\/li>\n<li>\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u8a3c\u5238\u306b\u95a2\u3057\u3066\u3082\u904b\u7528\u4f1a\u793e\u306e\u4e2d\u3067\u306f\u6700\u9ad8\u30ec\u30d9\u30eb\u306e\u30ce\u30a6\u30cf\u30a6\u3092\u6709\u3057\u3066\u3044\u308b<\/li>\n<\/ul>\n<h2>CoCo\u50b5\u306e\u30ea\u30b9\u30af\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8<\/h2>\n<h3>\u91d1\u5229\u4e0a\u6607\u30ea\u30b9\u30af<\/h3>\n<ul>\n<li>\u30a2\u30c9\u30d0\u30f3\u30b9\u30c9\u30fb\u30a4\u30f3\u30ab\u30e0\u306e\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306f3\u5e74\uff5e4\u5e74\u3068\u3084\u3084\u91d1\u5229\u4e0a\u6607\u30ea\u30b9\u30af\u304c\u3042\u308b<\/li>\n<li>\u4e00\u822c\u7684\u306bCoCo\u50b5\u306e\u30af\u30fc\u30dd\u30f3\u306f\u56fa\u5b9a\u91d1\u5229\u3067\u3042\u308b\u305f\u3081\u3001\u91d1\u5229\u4e0a\u6607\u30ea\u30b9\u30af\u304c\u3042\u308b<\/li>\n<\/ul>\n<h3>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u3084\u3084\u5927\u304d\u3044<\/h3>\n<ul>\n<li>CoCo\u50b5\u306f\u6295\u8cc7\u9069\u683c\u50b5\u3084\u30cf\u30a4\u30a4\u30fc\u30eb\u30c9\u50b5\u3068\u6bd4\u8f03\u3059\u308b\u3068\u5e02\u5834\u898f\u6a21\u304c\u5c0f\u3055\u304f\u53d6\u5f15\u53c2\u52a0\u8005\u3082\u3042\u308b\u7a0b\u5ea6\u9650\u5b9a\u3055\u308c\u3066\u3044\u308b\u305f\u3081\u3001\u3084\u3084\u5024\u52d5\u304d\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u304c\u5927\u304d\u3044\u3002<\/li>\n<\/ul>\n<h3>\u5229\u6255\u3044\u304c\u884c\u308f\u308c\u306a\u3044\u53ef\u80fd\u6027\u3082<\/h3>\n<ul>\n<li>CoCo\u50b5\u306f\u4e00\u822c\u306e\u50b5\u5238\u3068\u540c\u69d8\u3001\u30af\u30fc\u30dd\u30f3\uff08\u5229\u7387\uff09\u304c\u5b9a\u3081\u3089\u308c\u3066\u3044\u308b\u3002<\/li>\n<li>\u3057\u304b\u3057\u3001\u30b7\u30cb\u30a2\u50b5\u306e\u5834\u5408\u306f\u5229\u6255\u3044\u3092\u3057\u306a\u3051\u308c\u3070\u30c7\u30d5\u30a9\u30eb\u30c8\u306b\u306a\u308b\u306e\u306b\u5bfe\u3057\u3001CoCo\u50b5\u306e\u5834\u5408\u306f\u682a\u5f0f\u306e\u914d\u5f53\u3068\u540c\u69d8\u3001\u5229\u6255\u3044\u3092\u30b9\u30ad\u30c3\u30d7\u3057\u3066\u3082\u30c7\u30d5\u30a9\u30eb\u30c8\u306b\u306f\u306a\u3089\u306a\u3044\u3002<\/li>\n<li>\u3088\u3063\u3066\u3001\u4e00\u822c\u7684\u306b\u306f\u53ef\u80fd\u6027\u306f\u4f4e\u3044\u3068\u8003\u3048\u3089\u308c\u308b\u304c\u3001\u5229\u6255\u3044\u304c\u884c\u308f\u308c\u306a\u3044\u53ef\u80fd\u6027\u304c\u901a\u5e38\u306e\u50b5\u5238\u3088\u308a\u3082\u9ad8\u3044\u3068\u8003\u3048\u3089\u308c\u308b\u3002<\/li>\n<li>\u5b9f\u969b\u306b\u5229\u6255\u3044\u304c\u30b9\u30ad\u30c3\u30d7\u3055\u308c\u308b\u3068CoCo\u50b5\u306e\u4fa1\u683c\u306f\u4e0b\u843d\u3059\u308b\u3068\u8003\u3048\u3089\u308c\u308b\u3002<\/li>\n<\/ul>\n<h3>\u7e70\u308a\u4e0a\u3052\u511f\u9084\u304c\u30b9\u30ad\u30c3\u30d7\u3055\u308c\u308b\u53ef\u80fd\u6027\u3042\u308a\uff08\u30b9\u30ad\u30c3\u30d7\u306e\u30ea\u30b9\u30af\u3092\u8efd\u6e1b\u3059\u308b\u306b\u306f\u30b9\u30d7\u30ec\u30c3\u30c9\u304c\u5927\u304d\u3044\u9298\u67c4\u3092\u9078\u629e\uff09<\/h3>\n<ul>\n<li>CoCo\u50b5\u3092\u542b\u3080\u52a3\u5f8c\u50b5\u306f\u901a\u5e38\u3001\u7e70\u308a\u4e0a\u3052\u511f\u9084\u6761\u9805\u304c\u4ed8\u4e0e\u3055\u308c\u3066\u304a\u308a\u3001\u6c38\u4e45\u52a3\u5f8c\u50b5\u3067\u3042\u3063\u3066\u3082\u6700\u521d\u306e\u7e70\u308a\u4e0a\u3052\u511f\u9084\u65e5\uff08\u30d5\u30a1\u30fc\u30b9\u30c8\u30b3\u30fc\u30eb\uff09\u306b\u511f\u9084\u3055\u308c\u308b\u3053\u3068\u3092\u60f3\u5b9a\u3057\u3066\u6295\u8cc7\u5bb6\u306f\u8cfc\u5165\u3057\u3066\u3044\u308b\u3002<\/li>\n<li>\u3057\u304b\u3057\u3001\u767a\u884c\u5f8c\u306b\u4fe1\u7528\u30ea\u30b9\u30af\u304c\u62e1\u5927\u3057\u305f\u5834\u5408\u306a\u3069\u3001\u30d5\u30a1\u30fc\u30b9\u30c8\u30b3\u30fc\u30eb\u3067\u511f\u9084\u3055\u308c\u306a\u3044\u30b1\u30fc\u30b9\u304c\u307e\u308c\u306b\u3042\u308b<\/li>\n<li>\u305d\u306e\u5834\u5408\u3001\u50b5\u5238\u4fa1\u683c\u306f\u5927\u304d\u304f\u4e0b\u843d\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b<\/li>\n<li>CoCo\u50b5\u306e\u767a\u884c\u6642\u3088\u308a\u7e70\u308a\u4e0a\u3052\u511f\u9084\u65e5\uff08\u30d5\u30a1\u30fc\u30b9\u30c8\u30b3\u30fc\u30eb\uff09\u6642\u70b9\u306e\u30af\u30ec\u30b8\u30c3\u30c8\u304c\u60aa\u5316\u3057\u3066\u3044\u308b\u5834\u5408\u3001\u7e70\u308a\u4e0a\u3052\u511f\u9084\u304c\u30b9\u30ad\u30c3\u30d7\u3055\u308c\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u307e\u308b<\/li>\n<li><span class=\"rmarker-s\">\u305d\u306e\u70ba\u3001\u540c\u3058\u767a\u884c\u4f53\u306eCoCo\u50b5\u3067\u3082\u30b9\u30d7\u30ec\u30c3\u30c9\u304c\u5927\u304d\u3044\u9298\u67c4\u3092\u9078\u629e\u3059\u308b\u3053\u3068\u3067\u3001\u7e70\u308a\u4e0a\u3052\u511f\u9084\u3092\u30b9\u30ad\u30c3\u30d7\u3059\u308b\u30ea\u30b9\u30af\u3092\u8efd\u6e1b\u3067\u304d\u308b<\/span>\u3002\uff08CoCo\u50b5\u306f\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u30b9\u30c6\u30c3\u30d7\u30a2\u30c3\u30d7\u304c\u8a8d\u3081\u3089\u308c\u3066\u3044\u306a\u3044\u306e\u3067\u3001\u30b9\u30d7\u30ec\u30c3\u30c9\u306f\u767a\u884c\u6642\u3082\u30d5\u30a1\u30fc\u30b9\u30c8\u30b3\u30fc\u30eb\u4ee5\u964d\u3082\u540c\u3058\u306b\u306a\u308b\uff09<\/li>\n<li>\u52a3\u5f8c\u50b5\u306e\u511f\u9084\u30b9\u30ad\u30c3\u30d7\u306b\u3064\u3044\u3066\u306f\u300c<a href=\"https:\/\/finance-gfp.com\/?p=1698\" target=\"_blank\" rel=\"noopener noreferrer\">\u52a3\u5f8c\u50b5\u306e\u671f\u9650\u524d\u511f\u9084\u898b\u9001\u308a\u306b\u3064\u3044\u3066\u8003\u3048\u308b\uff08\u30b9\u30bf\u30f3\u30c0\u30fc\u30c9\u30c1\u30e3\u30fc\u30bf\u30fc\u30c9\u9280\u884c\u52a3\u5f8c\u50b5\uff09\u300d<\/a>\u3092\u53c2\u7167\uff08\u904e\u53bb\u306b\u521d\u56de\u306e\u7e70\u308a\u4e0a\u3052\u511f\u9084\u3092\u30b9\u30ad\u30c3\u30d7\u3057\u305f\u4e8b\u4f8b\u3082\u63b2\u8f09\uff09<\/li>\n<\/ul>\n<h2>CoCo\u50b5\u306e\u9298\u67c4\u4e8b\u4f8b\uff08\u30c9\u30a4\u30c4\u9280\u884c\u30fb\u30af\u30ec\u30c7\u30a3\u30b9\u30a4\u30b9\uff09<\/h2>\n<p>\u3053\u3053\u3067\u306fCoCo\u50b5\u306e\u767a\u884c\u4e8b\u4f8b\u3092\u63b2\u8f09\u3057\u307e\u3059\u3002<\/p>\n<p>\u5b9f\u969b\u306b\u767a\u884c\u3055\u308c\u305f\u9298\u67c4\u306e\u6761\u4ef6\u3092\u78ba\u8a8d\u3059\u308b\u3053\u3068\u3067CoCo\u50b5\u306e\u7406\u89e3\u304c\u6df1\u307e\u308a\u307e\u3059\u3002<\/p>\n<h3>\u30c9\u30a4\u30c4\u9280\u884c\u306eCoCo\u50b5<\/h3>\n<ul>\n<li>\u767a\u884c\u4f53\uff1a\u30c9\u30a4\u30c4\u9280\u884c<\/li>\n<li>\u901a\u8ca8\uff1a\u7c73\u30c9\u30eb<\/li>\n<li>\u767a\u884c\u65e5\uff1a2014\/11\/21<\/li>\n<li>\u511f\u9084\u671f\u9650\uff1a\u6c38\u4e45\u50b5\uff082025\/4\/30\u304b\u30895\u5e74\u3054\u3068\u306b\u7e70\u308a\u4e0a\u3052\u511f\u9084\u53ef\u80fd\uff09<\/li>\n<li>\u30af\u30fc\u30dd\u30f3\uff1a\u5f53\u521d7.5%\u56fa\u5b9a\u30012025\/4\/30\u4ee5\u964d\u306f5\u5e74\u30b9\u30ef\u30c3\u30d7\u30ec\u30fc\u30c8+5.003%<\/li>\n<li>\u683c\u4ed8\u3051\uff1aB+\uff08S&amp;P\uff09<\/li>\n<li>\u30c8\u30ea\u30ac\u30fc\uff1a\u666e\u901a\u682a\u5f0f\u7b49Tier1\u6bd4\u73875.125\uff05<\/li>\n<li>\u30e6\u30fc\u30ed\u5708\u306e\u91d1\u878d\u6a5f\u95a2\u304c\u767a\u884c\u3059\u308bCoCo\u50b5\u306e\u30c8\u30ea\u30ac\u30fc\u6761\u9805\u306f\u666e\u901a\u682a\u5f0f\u7b49Tier1\u6bd4\u7387\uff08CET1\u6bd4\u7387\uff09\u30675.125%\u304c\u4e00\u822c\u7684\uff08BNP\u30d1\u30ea\u30d0\u3001\u30bd\u30b7\u30a8\u30c6\u30b8\u30a7\u30cd\u30e9\u30eb\u306a\u3069\uff09<\/li>\n<li>\u30c9\u30a4\u30c4\u9280\u884c\u306f2017\u5e74\u9803\u304b\u3089\u7d4c\u55b6\u4e0d\u632f\u306b\u3088\u308a\u3001\u4f55\u5ea6\u304bCoCo\u50b5\u306f\u4e0b\u843d\u3057\u305f\u3002\u914d\u5f53\u306e\u30b9\u30ad\u30c3\u30d7\u306a\u3069\u3082\u5642\u3055\u308c\u3066\u3044\u305f\u304c\u3001\u7d50\u679c\u7684\u306b\u554f\u984c\u306a\u304f\u30012019\u5e74\u306b\u306fCoCo\u50b5\u306e\u4fa1\u683c\u3082\u56de\u5fa9\u3057\u305f\u3002<\/li>\n<li>\u5f53\u8a72\u50b5\u5238\u306b\u3064\u3044\u3066\u306e\u8a73\u7d30\u306f\u3053\u3061\u3089\uff1a<a href=\"https:\/\/finance-gfp.com\/?p=21008\" target=\"_blank\" rel=\"noopener\">\u30c9\u30a4\u30c4\u9280\u884c\u306e\u4e8b\u4f8b\u3067AT1\u50b5\uff08CoCo\u50b5\uff09\u306e\u7406\u89e3\u3092\u6df1\u3081\u308b<\/a><\/li>\n<\/ul>\n<h3>\u30af\u30ec\u30c7\u30a3\u30b9\u30a4\u30b9\u306eCoCo\u50b5<\/h3>\n<ul>\n<li>\u767a\u884c\u4f53\uff1a\u30af\u30ec\u30c7\u30a3\u30b9\u30a4\u30b9<\/li>\n<li>\u901a\u8ca8\uff1a\u7c73\u30c9\u30eb<\/li>\n<li>\u767a\u884c\u65e5\uff1a2019\/8\/21<\/li>\n<li>\u511f\u9084\u671f\u9650\uff1a\u6c38\u4e45\u50b5\uff082026\/8\/21\u304b\u30895\u5e74\u3054\u3068\u306b\u7e70\u308a\u4e0a\u3052\u511f\u9084\u53ef\u80fd\uff09<\/li>\n<li>\u30af\u30fc\u30dd\u30f3\uff1a\u5f53\u521d6.375%\u56fa\u5b9a\u30012026\/8\/21\u4ee5\u964d\u306f5\u5e74\u7c73\u56fd\u50b5\u5229\u56de\u308a+4.822%<\/li>\n<li>\u683c\u4ed8\u3051\uff1aBB-\uff08S&amp;P\uff09<\/li>\n<li>\u30c8\u30ea\u30ac\u30fc\uff1a\u666e\u901a\u682a\u5f0f\u7b49Tier1\u6bd4\u73877.0\uff05\uff08\u30a4\u30ae\u30ea\u30b9\u3084\u30b9\u30a4\u30b9\u306a\u3069\u30e6\u30fc\u30ed\u570f\u4ee5\u5916\u306e\u6b27\u5dde\u91d1\u878d\u6a5f\u95a2\u304c\u767a\u884c\u3059\u308bCoCo\u50b5\u306e\u30c8\u30ea\u30ac\u30fc\u6761\u9805\u306f\u666e\u901a\u682a\u5f0f\u7b49Tier1\u6bd4\u7387\u30677.0%\u304c\u4e00\u822c\u7684\u3002RBS\u3001\u30d0\u30fc\u30af\u30ec\u30a4\u30ba\u3001\u30b9\u30bf\u30f3\u30c0\u30fc\u30c9\u30c1\u30e3\u30fc\u30bf\u30fc\u30c9\u9280\u884c\u3001UBS\u3001\u30af\u30ec\u30c7\u30a3\u30b9\u30a4\u30b9\u306a\u3069\uff09<\/li>\n<li>2023\u5e743\u6708\u3001\u300e\u4f8b\u5916\u7684\u306a\u653f\u5e9c\u652f\u63f4\u300f\u304c\u884c\u308f\u308c\u305f\u3068\u30b9\u30a4\u30b9\u5f53\u5c40\u304c\u8a8d\u5b9a\u3057\u305f\u3053\u3068\u3067\u3001\u30af\u30ec\u30c7\u30a3\u30b9\u30a4\u30b9\u304c\u767a\u884c\u3059\u308b\u3059\u3079\u3066\u306eCoCo\u50b5\u304c\u7121\u4fa1\u5024\u3068\u306a\u3063\u305f<\/li>\n<\/ul>\n<h2>\u95a2\u9023\u30da\u30fc\u30b8<\/h2>\n<p>\u65e5\u672c\u7248CoCo\u50b5\u306b\u3064\u3044\u3066\u306f\u3053\u3061\u3089\u3092\u3054\u89a7\u304f\u3060\u3055\u3044\uff01<\/p>\n<ul>\n<li><a href=\"https:\/\/finance-gfp.com\/?p=2149\" target=\"_blank\" rel=\"noopener\">\u30d0\u30fc\u30bc\u30eb3\u5bfe\u5fdc\u52a3\u5f8c\u50b5\uff08\u5b9f\u8cea\u7834\u7dbb\u6642\u514d\u9664\u7279\u7d04=Tier2\u3001\u50b5\u52d9\u514d\u9664\u7279\u7d04+\u52a3\u6c38\u4e45\u50b5=\u305d\u306e\u4ed6Tier1\uff09<\/a><\/li>\n<\/ul>\n<p>CoCo\u50b5\u3068\u540c\u3058\u304f\u81ea\u5df1\u8cc7\u672c\u306e\u305d\u306e\u4ed6Tier1\u306b\u30ab\u30a6\u30f3\u30c8\u3055\u308c\u308b\u7c73\u56fd\u512a\u5148\u682a\u5f0f\uff08\u512a\u5148\u8a3c\u5238\uff09\u306b\u3064\u3044\u3066\u306f\u3053\u3061\u3089\u3092\u3054\u89a7\u304f\u3060\u3055\u3044\uff01<\/p>\n<ul>\n<li><a href=\"https:\/\/finance-gfp.com\/?p=2995\" target=\"_blank\" rel=\"noopener noreferrer\">i\u30b7\u30a7\u30a2\u30fc\u30ba 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