Capital Securities (CoCo Bond)

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Capital Securities (CoCo Bond)

It is usually issued by a bank or financial institution. Capital Securities (CoCos) are hybrid capital securities that absorb losses when the capital of the issuing bank falls below a certain level.

Issuer
發行公司
Securities / Coupon / Maturity
證券名稱/票息/到期日
Currency
幣別
Risk
風險
Rating
債券評等
HSBC
滙豐控股
HSBC 6 PerpetualUSD
美元
Very High
極高
Baa3/BBB

Main Risks

In addition to the risks of general bonds, the risks of CoCo Bond include (but are not limited to):

  • Subordinated bonds: the claim order is after the senior debt, but before common stock
  • Loss-absorbing Capacity: bonds have contingent write down or loss absorption feature and the bond may be written-off fully or partially or converted to common stock on the occurrence of a trigger event.

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