BIS Quarterly Review, March 2016

Uneasy calm gives way to turbulence
Credit spreads widened to a point where markets fretted about a first-time cancellation of coupon payments on contingent convertible bonds (CoCos) at major global banks.
Underlying some of the turbulence was market participants' growing concern over the dwindling options for policy support in the face of the weakening growth outlook. 
With fiscal space tight and structural policies largely dormant, central bank measures were seen to be approaching their limits.

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