So, what are contingent convertible bonds also known as CoCos? So after the 2008 crisis, it was pretty clear that banks around the world were not so well equipped to deal with a massive financial crisis. So after the 2008 crisis, of course, many people including regulators, came up with all these ideas of how to stop this global banking crisis from ever happening again. And one solution that was presented was to have banks issue bonds that could automatically convert from being bonds to equity if things were looking bad. Now, there are loads of different versions of CoCos. The issuers, of course, of CoCos are banks and banks will be very inventive on how CoCos are structured. So, some CoCos will have full-conversion so the entire amount of CoCos could turn into equity if the trigger event occurs. Some of them will have partial conversion. There will be many different trigger events. So, they are very, very different amongst themselves CoCos. Anyway, so CoCo is a fixed income instrument that is convertible into equity if a pre-specified trigger event occurs. So, don't confuse these with normal convertible bonds that convert depending on a share price, and they convert if the share price will be high. This is not what's going on in the CoCo. A CoCo converts into equity if a pre-specified trigger event occurs and that trigger event is something relatively negative for the issuer. So, it recapitalize the bank in times of distress. So this is a very risky instrument, of course, and therefore, trades at the discount compared to straight bonds. So, it's a type of hybrid instrument. So, what can trigger this conversion from a bond to equity? Well, we look at these events and call them trigger events. The primary trigger events are things that go on with the regulatory capital requirements. So, one trigger event could be that the tier one ratio has dropped under a certain percentage, or the tier two ratio, or the common equity tier one ratio has dropped. So, two low capital ratios here could be a trigger event. It could also be a ratings downgrade or some kind of regulatory compliance breach. But anyway, the idea here behind the CoCos is to create an extra buffer of equity in times of distress for the bank. CoCos are also known as Enhanced Capital Notes, ECNs.