Contingent Convertible Bonds (CoCos) are convertible bonds issued by banks. Like all convertible bonds, CoCos generate a yield and have a strike price at which the bonds are convertible to company stock. Unlike a normal convertible, a CoCo only converts to a companys stock when its capital ratio trigger is hit, which is explained below. Its also important to 1 note the relative margin of safety a CoCo investment provides as compared to its associated stock, which is based on its superior position in the capital structure. Based on the article posted along with this assignment, please answer the following questions in your own words: (1) How are CoCos different from traditional convertible bonds, and why are they attractive to investors? (2) What are the major benefits to have banks issues CoCos? Please list at least two.