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Contingent Convertible Debt: The Impact on Equity Holders
- Delphine Boursicot,
- Geneviève Gauthier and
- Farhad Pourkalbassi
Contingent Convertible (CoCo) is a hybrid debt issued by banks with a specific feature forcing its conversion to equity in the event of the bank’s financial distress. CoCo carries two major risks: the risk of default, which threatens any type o...