Deal of the year: Credit Suisse

Agarwal Tuffey and Young

Nobody knows whether contingent convertible (CoCo) bonds have much of a future – but if they do, it will owe much to the trailblazing work of Credit Suisse, after its February 2011 issue first tackled some of the instruments’ challenges. Two previous CoCo deals – from Lloyds Banking Group and Dutch co-operative giant Rabobank – had been completed, but for different reasons neither was a true test of the market. Lloyds’ investors accepted the CoCos as part of a distressed debt exchange, while the

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