Contingent Convertible (“CoCo”) Bonds Key market participants Market participant Role Description Financial Institution Core The institution that issues "CoCo" bonds and solicits investment from investors Investor Core The individual and/or institution that agrees to the terms outlined during bond issuance and invests in the asset Regulator Supporting The entity that ensures market stability; FIs adhere to their predefined loan absorption mechanism criteria WORLD ECONOMIC FORUM | 2016 85