CoCo bond index vs XCCY, interesting how close these two follow each other, but it makes sense. As issues start to arise in banking system, funding markets start to demand higher premium for lending due to counterparty risk. This leads to drawdowns in fixed tenor CoCo as they tend to underperform during times of credit and solvency issues. When such issues happen many CD/CP volumes drop as money market funds become more defensive thus removing short-term credit for non-US banks who then have to turn to funding markets to try to ease stress.