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Invesco launches CoCo bond ETF

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Invesco has launched an ETF based on US dollar-denominated CoCo bonds from companies in industrialised countries on Xetra and Börse Frankfurt.

The Invesco AT1 Capital Bond UCITS ETF EUR Hdg Dist is designed to enable investors to participate in the performance of contingent convertible bonds issued worldwide by banks from industrialised countries and denominated in US dollars.
 
Contingent convertible bonds are long-term subordinated bonds that obligatorily convert from debt into equity if a pre-specified trigger event occurs. They are therefore a type of hybrid bond with equity-like features.
 
In order to be admitted to the benchmark index, bonds must have a nominal value of at least USD750 million and the issuer an outstanding nominal volume of at least one billion in its national currency. If the benchmark index comprises at least 17 issuers, the weighting of the five largest issuers is capped at 8 per cent and that of the other issuers at 5 per cent. Ongoing annual charges on the ETF are 0.39 per cent and the distributing policy is distributing.
 

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