No-go for CoCoCos

No-go for CoCoCos

rob-davies-v2-credit-2009

The Mediterranean island of Cyprus, a popular tourist destination for many Europeans, is hardly the kind of place you would expect to see new financial innovation. But as Credit went to press this month, the island’s second biggest financial institution, Bank of Cyprus, was in the market with an exchange offer to shareholders for a €1.3 billion convertible enhanced capital securities deal.

Already, the notes have been dubbed CoCoCos – convertible contingent capital securities. They differ in one

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