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The Federal Reserve and Wall Street executives are discussing a new way to provide bank capital in times of crisis. They want to issue a new security called a contingent convertible (CoCo).
What is a CoCos and how does it work? CoCos are hybrid securities, In normal times they operate like a bond and pay coupons to investors. However, in times of crisis they automatically convert into equity. If bank capital fell below prescribed limits they would trigger the conversion from bonds to equity.
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