Glossary
- Call (warrant)
- Cancelled order
- Cap (investment and leverage products)
- Capital increase
- Capital market
- Capital reduction
- Capital stock
- Cash dividend
- Cash market
- Cash settlement (warrants)
- Cash settlement price
- Cashflow
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- Central bank
- Certificate
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- Changes to the composition of an index
- Chart
- Chart analysis
- Classic All Share
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- Close out
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- Closing Price
- Coco bond
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- Commercial paper
- Commission
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- Common gap
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- Convertible bond
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- Country risk
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- Creation
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- Creditworthiness
- Cum
- Currency bond
- Cyclical shares
- Cyclical stocks
Coco bond
Cocos, abbreviation of the English term 'Contingent Convertible Bonds', are long-dated, subordinated bonds, usually with a fixed coupon, which are converted from debt to equity upon the occurrence of events defined in the bond terms. If the conversion is not triggered, the coco bond continues to run normally until redemption at maturity.
Often, these conversion events take effect in economically difficult situations and improve the financing position of the company, which can improve its equity base without a capital increase.
Bondholders become liable shareholders upon conversion from debt capital providers. For buyers of the bonds, the possible conversion means additional risks, but they receive a higher interest rate in return. Cocos are therefore only suitable for experienced and risk-conscious investors.
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