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Cocos and the Struggle to Preserve Going-Concern Value

In: Contingent Convertibles [CoCos] A Potent Instrument for Financial Reform

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  • George M von Furstenberg

Abstract

Contingent Convertible debt instruments are debt which comes with a contingent obligation to convert to common stock at a loss. This potentially costly obligation, to accept equity for more than it is worth when a designated trigger point for conversion has been reached, relegates cocos to the class of downside convertibles. Holders of Reverse Convertible Securities [RCS] and of catastrophe bonds and makers of Loss Equity Puts [LEP] share this downside exposure with investors in cocos: should bad things happen which they do not control, they lose…

Suggested Citation

  • George M von Furstenberg, 2014. "Cocos and the Struggle to Preserve Going-Concern Value," World Scientific Book Chapters, in: Contingent Convertibles [CoCos] A Potent Instrument for Financial Reform, chapter 3, pages 38-48, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814619905_0003
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