摩根斯坦利：日本银行业研究报告2009年7月

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Banks
Bank Capital: an Introduction
Hybrid Capital vs. Equity: At times of financial distress
and at early phases of recovery, the risk reward offered
by hybrid capital instruments may be more attractive
than the risk reward in the equity space. Investors that
can invest across the capital spectrum should be aware
of the opportunities that may exist outside of common
equity. We believe that even for investors that can only
invest in equity the prices of the various capital
instruments can be a valuable source of information.
Dislocation in bond markets may persist even as
concerns about risks recede: The scenario we have in
mind is one where concerns about bankruptcy risk start
to dissipate, but the outlook for future earnings remains
bleak. Under such a scenario, we would expect bond
prices to move back towards normality. Although the
dislocation in prices can persist even as concerns about
risk recede, we think there may be some attractive
investment opportunities.
Resona 5.85% preferred security vs. 5yr CDS USD

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