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UK market for cocos to be worth £44bn

first_img Show Comments ▼ Tuesday 22 February 2011 8:11 pm UK market for cocos to be worth £44bn whatsapp whatsapp Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndo More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comcenter_img Share KCS-content THE market for contingent convertible bonds (cocos) in the UK alone is worth at least £44bn, according to analysis by Bank of America/Merrill Lynch.The figure is equivalent to two per cent of risk-weighted assets at the UK’s five largest banks, which is a low-ball estimate of the extra capital buffer that systemically important banks will be required to hold. It could be as high as five per cent, or £110bn.Banks are being forced to consider unprecedented means of raising cash due to higher capital requirements. Basel III’s limited definition of qualifying capital could make cocos, which are bonds that turn into equity if a bank’s capital ratio falls below a trigger threshold, the cheapest option.“If cocos are less expensive for the bank than other forms of capital, shareholders would probably want the board to have at least considered them,” says BoA/ML’s Daniel Bell. Basel III demands a minimum core tier one capital ratio of seven per cent by 2019. On top of this, systemically important financial institutions (SIFIs), which will include a country’s largest banks, will have to have to hold two to five per cent extra.Credit Suisse’s public issuance of €2bn in cocos last week was heavily over-subscribed, with yield-hungry investors snapping up the five year notes at a 7.88 per cent coupon rate.The high demand is likely to encourage other banks to issue the notes as soon as the European Commission approves them. Tags: NULLlast_img read more