Replacement capital covenant? If so, this is something rating agencies required to be written into indentures for junior subordinated / hybrid debt (ie something that was getting rating agency equity treatment). The gist is that the company cannot take out that hybrid debt without replacing it with something equivalent or more junior -- this essentially ensures permanence in the capital structure, which is an equity-like feature. Let's assume Bond X is a new hybrid instrument and Bond Y is a more senior outstanding obligation of the same issuer.

what's an rcc?

.

6,145 WSO Academy Investment Banking Session Reviews: 4.82/5

Class of '29 Nov 2026 Cohort

5.00/5

Investment Banking Other

“He was very supportive. Offered to have another call. Gave constructive feedback. Was friendly. I really enjoyed my time speaking and learning from him!”

Institute of Technology of Monterrey

Class of '25 Feb 2026 Cohort

5.00/5

Investment Banking Other

“Andre's advice was on point, he mentioned specific things that I had to work on for the recruiting processes and also was very patient with me, specially when i had no idea of some of the things he was talking about. It was quite important for me as a candidate to know which possible questions they are likely to ask me, and Andre provided a good variety of them, and we walked through them.”

See All 11,367 WSO Academy Reviews

2 Comments

bankerbooey

IB

14y

Any context? -- I looked it up, and it could stand for a lot of things (check out this link http://www.abbreviations.com/RCC )

Are you asking about Ratio of Costs to Charges?

Reply

Quote

Report

Other

"A man is a success if he gets up in the morning and goes to bed at night and in between he does what he wants to do." - Bob Dylan

optimus_prime

AC

14y

Best Response

Ut repellat magnam atque et. Amet odio consequatur ut doloribus quia. Esse qui iste et aliquam ut omnis.

Vel nisi aut quo aut. Eum sed et vel eius magni sint. Quasi aliquam velit perspiciatis voluptates in voluptas voluptatibus.

Commodi nihil totam voluptatem minima dolores. Quibusdam beatae deserunt harum.

Sed consequatur labore voluptatem beatae consequuntur laboriosam suscipit expedita. Et reprehenderit quia ut eveniet dolores rem et consequatur. Voluptatem est nihil adipisci et facilis quae. Et accusamus ut est iure.

Reply

Quote

Report

Other

Authored by: Certified Accounting Professional - 1st Year AnalystCertified Accounting Pro

+230	UBS Layoffs (October 2026)	68	32m
+109	Do people still want to go PE?	34	2h
+62	Bloomberg - New UBS Investment Bankers See Smaller Pay Gain on Promotion	15	13h
+46	Think I'm fucking up my analyst years	16	3d
+36	What Differentiates the Best Analysts as AI Improves?	10	4h
+34	UBS Tech layoff	16	56m
+33	Lazard hirevue	11	14h
+26	Ambitious CC Student trying to break into IB	13	5d
+22	Cornell Club T10 Rankings (UPDATED 10/2026)	14	1d
+19	Quitting After First 4 months	9	5m

1	redever	99.2
2	Secyh62	99.0
3	BankonBanking	99.0
4	kanon	99.0
5	DrApeman	98.9
6	Betsy Massar	98.9
7	dosk17	98.9
8	CompBanker	98.9
9	GameTheory	98.9
10	Kenny_Powers_CFA	98.8

Elite Career Bootcamp. Top Job Offer Guaranteed.

Elite Career Bootcamp. Top Job Offer Guaranteed.

what's an rcc?

Score Breakdown

Feedback

Score Breakdown

Feedback

Elite Career Bootcamp. Top Job Offer Guaranteed.

Elite Career Bootcamp. Top Job Offer Guaranteed.

what's an rcc?

See All Comments - 100% Free

Trending Content - Investment Banking Forum