2014 turned out to be a watershed year for Coco (contingent capital securities) issuance, with European banks’ Coco market size surpassing the Euro 100 billion mark, relative to Euro 35 billion equivalent at the beginning of 2014, notes HSBC.
Ivan Zubo and team at HSBC in their April 27, 2015 research report titled: “Cocos: Europe Vs Asia” note differences in Coco valuations between Europe and Asia indicate a gap in perceived default risks.
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