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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: