In the struggle to identify how to avoid a repeat of last year's financial crisis there is an emerging consensus among regulators, academics and practitioners that contingent convertible (Coco) bonds are the way to go. The idea is to have some debt in the capital structure of banks that converts into equity when a bank faces financial distress.
在探尋如何避免去年金融危機重演的艱苦努力中，監管人士、學者與業內人士逐漸形成一個共識：或有可轉換債券（Contingent Convertible Bonds，簡稱Coco Bonds）是出路所在。他們的想法是，在銀行資本結構中納入一些一旦銀行面臨財務危機便可轉換為股本的債券。
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