Bond managers have been slashing exposure to contingent convertible debt - a key source of alpha for fixed income funds in recent months - as yields begin to fall and an avalanche of issuance appears on the horizon.
Banks have been rushing to issue contingent convertible debt (CoCos) in an effort to meet incoming Basel III capital requirements, but managers are now becoming more cautious on the bonds. John Pattullo...
European Commission relents to pressure
Latest news and analysis
Remains open to existing investors
Chairs first meeting this afternoon
Effective from 1 December