Algebris Investments, the $1.2 billion specialist global
financials investment firm led by Eric Halet and Davide Serra,
is rolling out its new Algebris Financial CoCo Fund to invest
solely in contingent convertibles (cocos) - the new hybrid
instrument that is designed to strengthen banks' capital
structures and prevent a repeat of the 2008 banking crisis.
The launch of the fund comes at a time when opinion appears
to be polarising sharply among senior bankers, regulators,
investors and financial sector analysts as to the pros and cons
of the coco instrument.
Just in the last few days, Credit Suisse attracted more than
$20 billion of demand for its debut $2 billion...