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Contingent Convertibles [CoCos]:A Potent Instrument for Financial Reform

Author

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  • George M von Furstenberg

    (Indiana University, USA)

Abstract

Contingent Convertibles (CoCos) represent debt that is subject to being converted automatically into common equity under pre-specified terms of conversion if the chosen regulatory capital ratio falls to a level triggering conversion. CoCos are that subspecies of contingent capital that references regulatory (Basel III) concepts in its triggers. From 2014, trigger points are set by common equity (Common Equity Tier 1 [CET1]) in percent of risk-weighted assets [RWA] or of more complicated measures of total exposure to a variety of risks, particularly credit risk. This is the first comprehensive book on CoCos, an innovative instrument that has attracted growing attention since it was first issued in 2009.

Individual chapters are listed in the "Chapters" tab

Suggested Citation

  • George M von Furstenberg, 2014. "Contingent Convertibles [CoCos]:A Potent Instrument for Financial Reform," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 9300.
    • Handle: RePEc:wsi:wsbook:9300
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    Cited by:

    1. Philippe Oster, 2020. "Contingent Convertible bond literature review: making everything and nothing possible?," Journal of Banking Regulation, Palgrave Macmillan, vol. 21(4), pages 343-381, December.
    2. George M. von Furstenberg, 2014. "Bank Heal Thyself: Benefits of Adding CoCos to the Balance Sheet," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 15(03), pages 65-71, August.

    Book Chapters

    The following chapters of this book are listed in IDEAS

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