Bond investors attack 'disastrous' CRD IV rules on CoCos

Don't go CoCo


Whenever a new capital market sputters into life, issuers and investors each have a hand on the steering wheel – the former trying to ensure flexibility while constrained by the threat that demand may not materialise, the latter trying to build in protections in the knowledge that too-generous terms will choke off supply. Europe’s market for contingent capital has been going through this process since a 2009 issue by Lloyds Banking Group – the big difference being that regulators also have a

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