Many see contingent-capital securities, known as CoCas, as a good way for banks to obtain capital, but uncertainty about the vehicles has hindered issuance, market participants said. Moody's Investors Service published guidelines for rating CoCas that market participants welcomed, although some said the guidelines do not go far enough. "It's helpful they've come out with something because it's been a bit of a grey area, not helped by the lack of issuance," said Martin Mills of Bank of America Merrill Lynch.

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