應急可轉債（CoCo Bonds）是目前債券市場上深受投資人喜愛的產品。為了探討應急可轉債投資之報酬收益與風險特性，本研究比較了德意志銀行發行之應急可轉債、次順位債券及股票等三種投資標的，分別在正常市況下及市場極端事件下的績效表現。研究結果顯示，應急可轉債的價格波動不大，投資人不僅可以拿到固定的利息，相對風險又低，以目前利率如此低的情況下是一個不錯的投資選擇；即使在市場極端事件影響期間，德意志銀行應急可轉債投資的風險仍低於其公司所發行之股票。 A contingent convertible bond (CoCo Bond) is one of the most popular financial products in the bond market. To explore investment characteristics of CoCo Bonds, this research compares investment performances of Deutsche Bank’s CoCo Bonds, Deutsche Bank’s subordinated debts, and stocks of Deutsche Bank for both the normal market and the market under influence of extreme events. Based on empirical results, we find that prices of CoCo Bonds are stable during most of time, resulting in a relatively low investment risk. Overall, investors of CoCo Bonds enjoy high-level coupons, but low investment risks. For this reason, we suggest that the Deutsche Bank’s CoCo Bond is an ideal choice for investors, especially in the micro-profit era.
