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Mish at mishtalk has a good discussion picking up where things were left unsaid in this video. Basically Deutche bank is teetering on the verge of converting their CoCo bonds and shit is about to get real.
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.