This year, interest in contingent convertible instruments (CoCos) has been limited. Despite some encouraging banking deals earlier in the year, a lack of regulatory clarity has left potential issuers hesitant. However, a recent issuance of the instruments by Munich-based insurer Allianz suggests that a market for insurer-issued CoCos could be on the horizon.
Prior to the Allianz deal, these loss-absorbing regulatory capital instruments, which could either be written down or converted to equity
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