CoCo Market Risks Setback as ECB Puzzles Over Blind Spot in Law

  • ECB's Nouy says EU rules on payment restrictions are unclear
  • `Inflexible' law isn't what ECB oversight arm needs, Nouy says

Daniele Nouy, head of the European Central Bank’s supervisory arm, is caught in a quandary that could rock the $117 billion market in contingent convertible bonds.

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