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Breakingviews - Swiss CoCo shakeout may yet help bank regulators
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Switzerland's forced merger of Credit Suisse with UBS has caused a real stink. The $250 billion market for contingent convertible bonds is reeling after the stricken Swiss lender was obliged to wipe out its own ones. Yet if the ensuing higher cost of issuing these “CoCo” securities means banks roll over their maturing debt rather than replace it, bank supervisors may still get a silver lining.
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