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Market jitters and lower capital needs shrink global CoCo issuance in 2016 by 25 per cent

Global issuance of contingent convertible bonds, or ‘CoCos’, ended 2016 at $75 billion, a 25 per cent decrease from the year before, said Moody’s in a report published today. This was in line with the rating agency’s most recent projections.

Commenting on the findings, Simon Ainsworth, Senior Vice President at Moody's explained, “Issuance of additional tier 1 (AT1) contingent convertible bonds, or CoCos, fell partly because many banks had already issued sufficient volumes of thes

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