Hint mode is switched on Switch off

Contingent Convertibles (CoCos)

Category — Bond Types
Contingent Convertibles (CoCos) or conditional convertible bonds - are a debt that converts into equity in the event of financial problems of the issuer. In other words, if the capital of the issuer begins to decline and reaches a certain limit, then the bond is either converted into equities of the issuer or written off.

By their structure, CoCo bonds consist of the loss absorption mechanism (conversion or write-off) and a trigger that launches this mechanism. A bond can have one or more triggers that are tied to accounting or market indicators, for example, CET1 (Common Equity Tier I), capitalization to company assets, etc.

Here are some examples of Contingent Convertibles: Barclays Bank PLC, 7.625% 21nov2022, USD , Credit Agricole SA, 8.125% 19sep2033, USD , Credit Suisse Group AG, 7.5% perp. , USD .

Most often the issuers of such bonds are banks and financial institutions, the most typical investors are banks and individual investors in Europe and Asia, which receive higher returns for taking more risk than classic bonds.

The market for such bonds began to grow rapidly after the 2009 global financial crisis, mainly due to the tightening of the requirements of financial regulators to the capital adequacy of banks.
Terms from the same category

Find Any Data on Any Bond in Just One Click

Full data on over 800,000 bonds and stocks worldwide

Powerful bond screener

Ratings from the top 3 global ratings agencies, plus over 70 local ones

Over 300 pricing sources from the OTC market and world stock exchanges

Get access

— Are you looking for the complete & verified bond data?

— We have everything you need:

full data on over 700 000 bonds, stocks & ETFs; powerful bond screener; over 350 pricing sources among stock exchanges & OTC market; ratings & financial reports; user-friendly interface; available anywhere via Website, Excel Add-in and Mobile app.



You will have detailed descriptive & pricing data for 650K bonds, 76K stocks, 8K ETFs
Get full access to the platform from any device & via Cbonds app
Enhance your portfolio management with Cbonds Excel Add-in
Build yield maps, make chart comparison within a click
Don't wait any longer — start using Cbonds today! Register
Registration is required to get access.