Bank of Cyprus CoCoCo exchange offer arouses curiosity

The presidential palace in Cyprus’s capital, Nicosia

Shareholders and owners of subordinated debt and convertible bonds issued by the Bank of Cyprus had until May 17 to decide whether to exchange their holdings into $1.3 billion of convertible enhanced capital securities. But questions remain over whether the deal will be a one-off or a sign of things to come in the banking sector.

The notes have already been dubbed CoCoCos (convertible contingent capital): which feature the downside equity conversion risk of a contingent convertible (CoCo), such

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