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I want to say that it is unbelievable. But unfortunately it is not. Perhaps Barclays is next up to bat. In 2014 they were working on selling $11.8B into CoCos. BCSs marketcap is 39B. It seems there is the potential for extreme dilution there upon conversion. The article mentions $60 billion worth being issued by banks that year. Googling "coco bonds barclays" and sorting the last month, I get a great ramble that starts with:7 days ago - Something wrong i think, you cant give away the barclays coco bonds.