The Risks of Investing in European Contingent Capital Securities

There's a lot of regulatory discretion involved in investing in these European contingent capital securities. We were concerned that incentives might even prompt issuers or governments to wipe out these contingent capital securities in advance of a capital raise. The bottom line is that the Swiss, the credit, Swiss, cocoa, perspectives clearly states that what could, what happened to the contingent capital securities was part of the risk from the beginning.