A Primer on Contingent Convertibles (CoCos): The New Kid in the Hybrid Bond Neighborhood

Hybrid securities are not new; in fact, some of them, such as convertible bonds, have their origin going back more than 100 years. A recent addition to the family is contingent convertible bonds (CoCos), which just like others, were introduced to the market for specific reasons. CoCos, hybrids between bonds and equities with distinctly unique triggers and conversion features, came into vogue in 2013 as banks in Europe needed to raise capital. Banks appreciated the flexibility CoCos provided in the event they experience financial difficulty, while investors appreciated the high yields often offered by CoCos. - See more at: http://www.numerix.com/demand-webinar-primer-contingent-convertibles-cocos-new-kid-hybrid-bond-neighborhood#sthash.0WuIvtBN.dpuf
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