Credit Suisse watches ~$17billion in Tier 1 Contingent Convertible Capital Instruments (CoCo) bonds become worthless. What are Contingent Convertible Capital Instruments (CoCo) bonds? More details inside.
by Dismal-Jellyfish This is starting to come up in corporate media and expect it to make its way here next as more folks are digging into: https://www.barrons.com/articles/credit-suisse-s-coco-bonds-how-17-bn-disappeared-6283ee5f https://www.reuters.com/markets/rates-bonds/redemption-delay-fears-send-yields-european-banks-coco-bonds-spiking-2023-03-17/ https://www.marketwatch.com/story/the-275-billion-bank-convertible-bond-market-thrown-into-turmoil-after-credit-suisses-securities-wiped-out-3cf8e295 https://www.ft.com/content/b5cd8ff0-4c0e-418c-8e4b-dda1d00fa5a7 https://www.washingtonpost.com/business/2023/03/20/why-credit-suisse-coco-bonds-are-causing-anxiety-quicktake/b50cd2a4-c729-11ed-9cc5-a58a4f6d84cd_story.html https://www.marketwatch.com/story/what-are-cocos-and-why-are-credit-suisses-now-worth-zero-634a65e5 https://www.wsj.com/articles/credit-suisse-bond-wipeout-threatens-250-billion-market-10be7d04 Contingent Convertible Capital Instruments (CoCos) AKA Additional Tier …
