Bank of Cyprus Cococo is next contingent capital step
Bank of Cyprus is planning to issue the first convertible contingent convertible (Cococo), which will mark the next development in the asset class. As the deal is not from a top tier name it is likely to stir interest among other issuers that might not enjoy the same access to non-dilutive forms of contingent capital as top tier names. The pricing of the deal in particular is likely to pique other borrowers’ interest.
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