CoCo Bond Investors Face a Covid-19 Reckoning

Lloyds Banking Group Plc, a large British lender, has just become the third European bank this year to do what was once unthinkable and decline to redeem an outstanding “CoCo” bond at its first call date. 

Bloomberg 27 May 2020

The problem with cocos more broadly is that nobody knows if they work. 

FT 21 March 2017


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