Going loco for CoCos: Gary Jenkins column

Going loco for CoCos

gary-jenkins-evolution-2009

Growth and innovation in the bond markets are driven by other factors than the borrowing requirements of companies or sovereigns. It is commonly accepted that the Eurobond market originated from a change in US law, while many recent sophisticated products were developed due to a search for yield.

The next big thing is likely to be a product that, in some shape or form, has been around for a while: CoCos, or contingent convertibles, which are sometimes described as a cross between the saviour of

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