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IFLR's cover story this month looks at developments in contingent convertible bonds (also known as CoCos), and the rapid maturation of the bank capital market. CoCos are bonds that are designed to convert into shares or be wiped out if a bank runs into trouble. Because these securities receive a regulatory seal of approval as a way for banks to build loss-absorbing capital buffers, the instruments are quickly gaining popularity. Indeed, Santander and Danske Bank have both recently issued CoCos. Even Nationwide, a mutual with no equity into which the bonds can convert, has now found a way to enter the market.

George Borovas,

Disintermediation via group insurers is the low hanging fruit for longevity de-risking

Apollo has become the first private equity firm to takeover a Spanish bank, revealing the Bank of Spain's new regulatory attitude towards financial sponsors as bank owners.

Ellen Snare,

The rules are a salvo against recognising home country rules

Craig Whitley,

Who took home what from IFLR’s annual Asia awards

Investment opportunities continue to increase. But uncertainties surrounding deal processes and risk mitigants are ever-present challenges

The public auction of the Australian diary company saw local and foreign bidders use regulatory processes to win board votes and stall competitors