Contingent convertible bonds (CoCos) are new hybrid capital instruments that have a loss absorbing capacity which is enforced either automatically via the breaching of a particular CET1 level or via a regulatory trigger. The price performance of outstanding CoCos, after a new CoCo issue is announced by the same issuer, is investigated in this paper via two methods. The first method compares the returns of the outstanding CoCos after an announcement of a new issue with some overall CoCo indices. This method does not take into account idiosyncratic movements and basically compares with the general trend. A second model-based method compares the actual market performance of the outstanding CoCos with a theoretical model. The main conclusion of the investigation of 24 cases of new CoCo bond issues is a moderated negative effect on the outstanding CoCos.