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Convertible Bonds and Option Bonds: A Comparative Study
Published online by Cambridge University Press: 17 February 2009
Extract
There are numerous differences in the legal forms of convertible bonds and option bonds in Europe, both between countries and between the time sequences. These differences are a result of the different tax laws and of differing conditions in the markets for equity and outside capital. At this point, an overview is to be given, going back to the analysis of the most important European systems in the special Zeitschrift für Unternehmens- und Gesellschaftsrecht [hereinafter: ZGR] issue Convertible and Option Bonds in Germany and Europe, published jointly by Marcus Lutter and the present author. It will concentrate on the legal issues regarding convertible and option bonds as an instrument of corporate financing. Therefore, a question to be disregarded, for example, is to what extent convertible or option bonds can be used as an instrument to motivate executives and employees, in particular where the issue of naked warrants is regarded as inadmissible. The overview will be limited essentially to an analysis of the contributions in the abovementioned special ZGR issue. For this reason, with only a few exceptions, only the legal systems in Germany, Austria and Switzerland, France, Belgium and the Netherlands, Italy, Spain and Portugal as well as English and Swedish law are included in the study, and only the legal issues discussed in these contributions are taken into account. Thus, if a solution is discussed or emphasised here only for one country, this does not mean that it exists only in that country. Moreover, similarities as well as differences are not mentioned if they appear to be a matter of course; the point instead is to achieve “problem awareness”.
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- Information
- European Business Organization Law Review (EBOR) , Volume 1 , Issue 3 , September 2000 , pp. 507 - 537
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- Copyright © T.M.C. Asser Press and the Authors 2000
References
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28 Kasolowsky, supra n. 3, pp. 99 et seq.; see also Goulding, supra n. 8, pp. 88 et seq.
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30 Ibid., pp. 42 et seq.
31 Guyon, supra n. 18, pp. 118 et seq.
32 Campobasso, supra n. 6, pp. 136 et seq.; for Portugal, see Antunes, supra n. 3, pp. 220 et seq.
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34 Act to Simplify the Issue of Bonds of 17 December 1990, BGBl. I 2839.
35 For this, see the official reasons for the government bill, published in ZIP (1989) 405; regarding the stringency of the former obligation to obtain a permit in a legal comparison see Van Ommeslaghe and Van Ryn, supra n. 9, p. 114.
36 S. 174 (2) dAktG 1937 went even further, requiring a government permit for all convertible and option bonds, even if no certain amount of money was promised.
37 For the purpose of the former rules see Schlede, and Kley, , “Praxis der Finanzierung deutscher Unternehmen durch Optionsanleihen”, in: von Colbe, Busse et al. (eds.), Bilanzierung von Optionsanleihen im Handelsrecht (1987) 1 at pp. 12 et seq.Google Scholar
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43 Alonso Espinosa, supra n. 6, pp. 305 et seq., Antunes, supra n. 3, p. 219.
44 This is still required by Italian and Portuguese law; see Campobasso supra n. 6, p. 134 (with criticism); Antunes, supra n. 6, pp. 218 et seq.
45 Benoît-Moury and Croes, supra n. 13, p. 45; in this respect also Portuguese law, see Antunes, supra n. 3, p. 219.
46 Kasolowsky, supra n. 3, pp. 102-103.
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49 Alonso Espinosa, supra n. 6, p. 310; concerning the issue rate of new issue shares in Spain, see Bagel, supra n. 48, pp. 77 et seq.
50 Campobasso, supra n. 6, p. 147.
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53 Perrick, supra n. 3, pp. 162 et seq.; for bonds with an obligation to convert under German law, see Schäfer, supra n. 1, p. 65.
54 Kasolowsky, supra n. 3, p. 106.
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59 Alonso Espinosa, supra n. 6, pp. 301 et seq.; Van Ommeslaghe and Van Ryn, supra n. 9, p. 113.
60 Alonso Espinosa, supra n. 6, pp. 306 et seq.
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62 Alonso Espinosa, supra n. 6, p. 307; Van Ommeslaghe and Van Ryn, supra n. 9, p. 113.
63 Antunes, supra n. 3, p. 229 (Portuguese law); Bagel, supra n. 48, pp. 94 et seq. (Italy), pp. 98 et seq. (Spain) and pp. 100 et seq. (Portugal). See also the provision in Art. 180 (3) 3 of the French company law; for this see Bagel, supra n. 48, pp. 216 et seq.
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74 Ibid., n. 70.
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87 Skog, supra n. 3, p. 251.
88 Köndgen and Daeniker, supra n. 3, pp. 291 et seq.; differentiating with respect to the cost risk Bagel, supra n. 48, pp. 270 et seq.
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92 Ibid.
93 For an extensive discussion of the substantive judicial review of resolutions in England, see Bagel, supra n. 48, pp. 119 et seq.
94 Goulding, supra n. 8, pp. 91 et seq.
95 Ibid., p. 96; Bagel, supra n. 48, pp. 152 et seq.
96 Goulding, supra n. 8, p. 95.
97 Kasolowsky, supra n. 3, p. 104 with references to arguments challenging this differentiation. For the English capital market law see also the overview by Bagel, supra n. 48, p. 157.
98 Kasolowsky, supra n. 3, pp. 104 et seq.; Bagel, supra n. 48, pp. 139 et seq.
99 See BGHZ 83, 122 at pp. 142 et seq.; also in ZIP (1982) 568; NJW (1982) 1703 for the Holzmüller Case; see also Hirte, supra n. 67, pp. 184 et seq.
100 Kasolowsky, supra n. 3, p. 106.
101 Guyon, supra n. 18, p. 115; Benoît-Moury and Croes, supra n. 13, pp. 34 et seq.; see also Van Ommeslaghe and Van Ryn, supra n. 9, p. 118.
102 Alonso Espinosa, supra n. 6, p. 348, for the applicability to the issue of option rights, which is unclear, see p. 29; Antunes, supra n. 3, pp. 221 et seq.
103 See already Hirte in: Groβkommentar zum Aktiengesetz, supra n. 14, § 207 AktG note 75; Hirte and Butters, supra n. 14, p. 289 (France) and pp. 300 et seq. (Switzerland); Wiedemann, supra n. 89, § 182 AktG notes 17, 22, 28; Bagel, supra n. 48, pp. 83 et seq. (Spain, Portugal, Italy) and pp. 197 et seq. (France, Belgium).
104 For this, see Hirte, , Kapitalschutz (Gläubiger- und Eignerschutz) im europäischen Recht, in: Grundmann, Systembildung und Systemlücken in Kerngebieten der europäischen Harmonisierung, Ringvorlesung des wirtschaftsrechtlichen Studienganges der Martin-Luther-Universität Halle-Wittenberg 1998/1999 (2000) 211 at pp. 223 et seq.Google Scholar; Bagel, supra n. 48, pp. 202 et seq.
105 Benolt-Moury and Croes, supra n. 13, pp. 34 et seq.
106 Ibid., p. 35.
107 Alonso Espinosa, supra n. 6, p. 318.
108 Goulding, supra n. 8, p. 96; Bagel, supra n. 48, pp. 147 et seq.
109 Köndgen and Daeniker, supra n. 3, p. 294; Bagel, supra n. 48, pp. 277 et seq.
110 See therefor Bagel, supra n. 48, pp. 268 et seq.
111 See, however, the rules in France in Art. 155(2) of the decree on commercial companies of 1967 (see Bagel, supra n. 48, pp. 219 et seq.) and the requirements as to the annual financial statements in Belgium in Art. 77 (4) LCS (see Bagel, supra n. 48, p. 225).
112 In favour of this Hirte, supra n. 67, pp. 120 et seq.; Hüfferin: Aktiengesetz, supra n. 19, § 203 AktG notes 36 et seq.; Lutter in: Kölner Kommentar, supra n. 19, § 203 AktG notes 30 et seq.; dissenting Krieger in: Münchener Handbuch, supra n. 34, § 58 note 44.
113 Guyon, supra n. 18, p. 117; Benoît-Moury and Croes, supra n. 13, p. 42; Antunes, supra n. 3, pp. 238 et seq.
114 Antunes, supra n. 3, pp. et seq.; for the law in France see Hirte, , “Gesellschafts- und kapitalmarktrechtliche Fragen der Finanzierung im multinationalen Konzern und bei grenzüberschreitender Finanzierung”, in: Lutter, , Scheffler, and Schneider, (eds.), Handbuch der Konzernfinanzierung (1998) 1108 at pp. 1122 et seq.Google Scholar
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116 For this see Schäfer, supra n. 1, p. 64.
117 For the admissibility of such proceedings under German law (in particular in connection with the subscription right) see Hirte, supra n. 114, pp. 1119 et seq.; Hirte, supra n. 67, pp. 60 et seq.; Hüffer in: Aktiengesetz, supra n. 19, § 221 AktG notes 70 et seq.; Karollus in: Geßler, et al., supra n. 115, § 221 AktG note 39 a.E.; Lutter, , “Optionsanleihen ausländischer Tochter-gesellschaften”, in: Wirtschaftspraxis und Rechtswissenschaft. Festschrift für Kastner (Wien 1972) 245 at p. 261Google Scholar; Schumann, supra n. 19, pp. 193 et seq.; Schäfer, supra n. 1, p. 69; Martens, “Die bilanzrechtliche Behandlung internationaler Optionsanleihen”, in: Busse von Colbeet al. (eds.), supra n. 37, 151 at pp. 158 et seq.; for the receding significance of this type of bond see Schäfer, supra n. 1, p. 64.
118 Campobasso, supra n. 6, pp. 122 et seq., pp. 148 et seq. and p. 150.
119 Perrick, supra n. 3, p. 158 and p. 166; Köndgen and Daeniker, supra n.3, p. 271, p. 276, see also p. 273 (for the delivery obligation) and pp. 297 et seq. (for the tax law background); Nowotny, supra n. 2, pp. 190 et seq.
120 Benoît-Moury and Croes, supra n. 13, p. 41.
121 For this see Nowotny, supra n. 2, p. 185.
122 For this see Köndgen and Daeniker, supra n. 3, p. 272.
123 Ibid., p. 289.
124 Ibid., p. 294.
125 For France see Guyon, supra n. 18,p. Ill and p. 115; for Italy see Campobasso, supra n. 6. pp. 131 et seq., see also p. 146; for Spain see Alonso Espinosa, supra n. 6, pp. 313 et seq.
126 Guyon, supra n. 18, pp. 122 et seq.
127 Campobasso, supra n. 6, pp. 131 et seq., see also p. 129; Alonso Espinosa, supra n. 6, pp. 318 et seq., the applicability of these rules to (isolated) option rights being, however, unclear; for this see p. 327.
128 Skog, supra 3, p. 244.
129 Goulding, supra n. 8, p. 91.
130 Antunes, supra n. 3, p. 221.
131 Ibid., p. 223.
132 For the distinction see Nowotny, supra n. 2, pp. 183 et seq.; Benoît-Moury and Croes, supra n. 13, p. 31.
133 Nowotny, supra n. 2, pp. 183 et seq.; Köndgen and Daeniker, supra n. 3, pp. 273 et seq. and p. 289; Guyon, supra n. 18, p. 122; Campobasso, supra n. 6, pp. 147 et seq.; Alonso Espinosa, supra n. 6, p. 319, for option rights p. 326; Antunes, supra n. 3, p. 225; for the various alternatives for serving option rights under German law see Schäfer, supra n. 1, pp. 70 et seq.
134 See, e.g., Nowotny, supra n. 2, pp. 183 et seq.; Antunes, supra n. 3, p. 225.
135 Goulding, supra n. 8, pp. 90 et seq.
136 Ibid., p. 91.
137 The shares intended to be converted are to be deposited; see Köndgen and Daeniker, supra n. 3, p. 280.
138 Alonso Espinosa, supra n. 6, p. 326 and p. 328.
139 Guyon, supra n. 18, p. 114; Alonso Espinosa, supra n. 6, p. 314; in this respect for German law see also Schäfer, supra n. 1, p. 65 and p. 75.
140 For this see Krieger in: Münchener Handbuch, supra n. 51, § 23 note 23 (at the end); Schäfer, supra n. 1, pp. 75 et seq., for the issue of the classification of such bonds as forward stock exchange transactions see pp. 82 et seq.
141 For this see Schäfer, supra n. 1 p. 65.
142 Ibid., p. 84; affirming, Krieger in: Münchener Handbuch, supra n. 51, § 63 note 23.
143 Benoît-Moury and Croes, supra n. 13, p. 46.
144 Goulding, supra n. 8, pp. 119 et seq., also p. 110; Campobasso, supra n. 6, p. 143 n. 38 and p. 145; Alonso Espinosa, supra n. 6, p. 304, p. 308 and p. 321; further references for the comparison of laws in Hopt, , “Änderungen von Anleihebedingungen – Schuldverschreibungsgesetz, § 796 BGB und AGBG”, in: Festschrift für Ernst Steindorff (1990) p. 341 n. 3 and p. 345 n. 25Google Scholar; also in WM (1990) 1733 n. 3 and p. 1735 n. 25; Van Ommeslaghe and Van Ryn, supra n. 9, p. 112; Vogel, , “Das Schuldverschreibungsgesetz – Gesetzgeberisches Fossil oder lebendes Kapitalmarktrecht”, ZBB (1996) 321 at pp. 324 et seq.Google Scholar; Zobl, , “Änderungen von Anleihensbedingungen”, SZW/RSDA (1990) 129 at p. 133 n. 18.Google Scholar
145 Antunes, supra n. 3, p. 215.
146 Perrick, supra n. 3, pp. 174 et seq.; Alonso Espinosa, supra n. 6, pp. 307 et seq. and p. 311.
147 Skog, supra n. 3, pp. 255 et seq.
148 So Köndgen and Daeniker, supra n. 3, p. 268.
149 See ibid., pp. 287 et seq.
150 See Zobl, supra n. 144, p. 130.
151 Ibid., p. 133.
152 Ibid., p. 135.
153 Ibid., p. 136.
154 Reichsgesetzblatt [hereinafter: RGBL] 1,691; amended by the law of 14 May 1914 (RGBl. I, 121) regarding the appointment of representatives, Reg of 24 September 1932 (RGBl. I, 447) concerning the proceedings of the meeting and the appointment of representatives, and law of 20 July 1933 (RGBl. 1,523) concerning the applicability to settlements; also in RGBl. III, item 4134-1.
155 For this see Ansmann, , Schuldverschreibungsgesetz (1933)Google Scholar; Barella, , “Die besonderen Schutzrechte der Obligationäre einer Aktiengesellschaft”, BB (1952) 764Google Scholar; Bruns, , “Die Vertretung der Obligationäre gegenüber dem Aussteller, insbesondere in einem über dessen Vermögen eröffneten Konkurs- oder Vergleichsverfahren”, WM (1954) 147Google Scholar; Hopt, supra n. 144, pp. 341 et seq.; also in WM (1990) pp. 1733 et seq.; Koenige, , Gesetz, betreffend die Gemeinsamen Rechte der Besitzer der Schuldverschreibungen, 2nd ed. (1922)Google Scholar; Kümpel, “note 11.81”, in Bank-und Kapitalmarktrecht, supra n. 33; Quassowski, and Schmolder, , Verordnung über die Rechte der Schuldverschreibungsgläubiger (1932)Google Scholar; Schumann, supra n. 19, p. 18; Vogel, supra n. 144, pp. 328 et seq.; Zobl, supra n. 144, pp. 129 et seq.
156 For Switzerland see BG SchweizAG (1988) 76, with an assenting remark by Widmer.
157 Hopt, supra n. 144, p. 349 n. 38 (not included in WM (1990) 1733); Vogel, supra n. 144, p. 330; dissenting for Switzerland Zobl, supra n. 144, p. 133.
158 See for DM foreign bonds (which are not necessarily subject to German law) Hopt, supra n. 144, p. 352; also in WM (1990) 1736; for dividend right certificates see Entscheidungen des Reichsgerichts in Zivilsachen [hereinafter: RGZ] 132, 199 at pp. 204 et seq.
159 See Kümpel in: Bank- und Kapitalmarktrecht, supra n. 33, note 11.82; Vogel, supra n. 144, pp. 333 et seq. (however, the issue should be largely obsolete since the introduction of the Euro and the repeal of § 808a BGB).
160 See Hirte, , “Genußscheine und Kapitalherabsetzung. Anmerkungen zum Klöckner-Urteil des OLG Düsseldorf vom 10. Mai 1991”, ZIP (1991) 1461 at pp. 1467 et seq.Google Scholar; dissenting BGHZ 119, 305 at pp. 313 et seq. = ZIP (1992) 1542 = NJW (1993) 57 (the Klöckner case).
161 See also Schumann, supra n. 19, pp. 121 et seq.
162 See, e.g., Vogel, supra n. 144, p. 321 (who refers to the “Schuldverschreibungsgesetz”, which deals with it, as a “large forgotten special law”); likewise Van Ommeslaghe and Van Ryn, supra n. 9, p. 112; but see also Hirte, supra n. 160, pp. 1467 et seq.
163 For Belgium Benoît-Moury and Croes, supra n. 13, p. 46.
164 Guyon, supra 18, p. 121.
165 Alonso Espinosa, supra n. 6, p. 300
166 Guyon, supra n. 18, pp. 120 et seq. as well as p. 122.
167 Benoît-Moury and Croes, supra n. 13, p. 47.
168 Goulding, supra n. 8, pp. 97 et seq.
169 Benoît-Moury and Croes, supra n. 13, p. 48; Guyon, supra n. 18, p. 120; Alonso Espinosa, supra n. 6, pp. 320 et seq. and p. 327; Antunes, supra n. 3, p. 236.
170 Campobasso, supra n. 6, p. 136, p. 144 and p. 145.
171 Ibid., p. 142; apparently dissenting from Spain, Alonso Espinosa, supra n. 6, p. 321.
172 Antunes, supra n. 3, p. 235; for the situation in the United States, which is clearly different (no absolute prohibitions) see Van Ommeslaghe and Van Ryn, supra n. 9, p. 119.
173 Alonso Espinosa, supra n. 6, p. 323.
174 Nowotny, supra n. 2, pp. 180 et seq.
175 Cf. Krieger in: Münchener Handbuch, supra n. 51, § 63 note 19.
176 Perrick, supra n. 3, p. 160.
177 Goulding, supra n. 8, p. 95.
178 Campobasso, supra n. 6, p. 144; concerning Portugal see Antunes, supra n. 3, p. 237.
179 Antunes, supra n. 3, p. 237.
180 Nowotny, supra n. 2, p. 180.
181 For this see Van Ommeslaghe and Van Ryn, supra n. 9, p. 119.
182 Alonso Espinosa, supra n. 6, p. 328.
183 Skog, supra n. 3, p. 254, concerning Denmark p. 263.
184 In this respect with convincing criticism from Köndgen and Daeniker, supra n. 3, pp. 285 et seq.
185 Guyon, supra n. 18, p. 120; with criticism Alonso Espinosa, supra n. 6, p. 322.
186 Hirte in: Groβkommentar, supra n. 14, § 216 AktG note 77; Hirte, supra n. 160, pp. 1465 et seq.; Krieger in: Münchener Handbuch, supra n. 51, § 63 note 19; Nowotny, supra n. 2, p. 179 and pp. 181 et seq., for option bonds pp. 189 et seq.
187 Campobasso, supra n. 6, p. 143 and p. 144; Alonso Espinosa, supra n. 6, p. 322; Antunes, supra n. 3, p. 235 and p. 236.
188 Köndgen and Daeniker, supra n. 3, p. 295.
189 BenoTt-Moury and Croes, supra 13, p. 49.
190 Perrick, supra n. 3, p. 167; Campobasso, supra n. 6, p. 133.
191 Supra n. 69.