Investment Banking

Hybrid Capital

Based on Sal. Oppenheim’s many years of experience, it provides a comprehensive range of services relating to the allocation of long-term quasi-equity through issuing participation rights and subordinated bonds.

Listed participation rights and non-listed issues represent a major portion of the German-speaking financial market and are established financing instruments. Participation rights are prevalent in the middle market, particularly as a component of equity financing.

Part of the attraction of the instrument for the issuer is the allocation of the subordinated profit participation capital to equity as defined in the German Commercial Code (HGB) along with the tax deductibility of the distributions. As a debt security, the participation certificate does not change the shareholder structure and does not provide membership rights. The distributions, which are usually performance-related, increase the attraction of participation rights for issuer and investor.

Privately placed non-listed participation rights are widespread in German-speaking countries and are an attractive investment for investors.
In addition to pure financing with participation rights, Sal. Oppenheim also manages employee and manager participation models based on participation rights which we developed and implemented together with the company in question.

Many years of experience and exclusive advice

Our capital market specialists assume the role of advisors to our clients in all company-related matters, from the perspective of both the owner and the company. Your personal advisor will develop individual solutions to each of your problems.

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