Deskripsi Workshop

Debt is constrained. Equity is expensive.
Between them is a space where the most sophisticated capital structures are built.
Hybrid instruments — convertible bonds, mezzanine, preferred equity, warrants — are not exotic alternatives. They are the tools that funded Airbnb's survival, powered SpaceX before its valuation was set, and gave Silver Lake a 35% IRR on a structured bet against a cinema chain.
Hybrid Capital is a masterclass in how these instruments work, when to use them, and how to read a deal structure that deploys them.

Content
1.Why Hybrid Capital Exists
The logic of the capital stack — and the precise conditions under which neither pure debt nor pure equity is the right answer.
2.The Instruments
Convertible bonds, convertible notes, convertible preferred stock, mezzanine financing, warrants — mechanics, pricing, seniority, and investor incentives for each.
3.Global Case Studies
Seven transactions dissected in full:
•        Airbnb — $2B convertible bond during COVID, conversion at $68, IPO at $146
•        SpaceX — convertible notes with valuation cap before the $100B+ valuation
•        Stripe — $6.5B convertible preferred as a bridge to a delayed IPO
•        AMC & Silver Lake — mezzanine-like structure, 18–35% IRR in 2.3 years

Who Should Attend
•        CFOs and finance teams managing capital structure decisions
•        C-suite executives preparing for growth, M&A, or restructuring
•        Investors who want to understand how deal structures are constructed from the issuer side
•        Finance professionals who want to move beyond debt-or-equity thinking

Pembicara

The Fei Ming

Master’s, CFA, CAIA, FRM