- This is the year that contingent convertible
bonds (CoCos) will become mainstream;
- A number of European countries are expected to
confirm that coupons are tax-deductible in the coming
- But some believe investor appetite will be the
primary factor that determines which jurisdictions issue the most bank
capital this year;
- CoCo-linked indices will be a sign of a maturing
Bank capital investors and issuers should prepare for a busy
10 months, as some of Europe’s biggest market
players tip 2014 as the year regulatory capital comes of
Long-awaited clarity on the tax deductibility of coupons in
key jurisdictions, including Germany, is expected by summer.
This would unlock the Additional Tier 1 (AT1) market to some of
the region’s biggest issuers, and pave the way for
the asset class's maturation....