In order to consider simultaneously the interests of issuers and investors, and ensure the financing efficiency, this paper designs a share-putable ＆ callable CoCos ( “SPCCs”for short) . Firstly, the SPCCs is transformed into the composition of a long common contingent convertible bond, a long down-and-in put barrier option, and a short up-and-in call barrier option. Secondly, considering the bond’s path-dependent characteristic, this paper introduces the Jarrow-Turnbull model to determine the survival probability, and deduces a pricing model of SPCCs whose triggers are assigned with stock prices. Finally, the Co Cos issued by Credit Suisse in February 2011 are used for an empirical analysis, and the results show that: the SPCCs price is significantly negatively related with the trigger intensity growth of debt-to-equity swap; meanwhile, the volatility of the issuer’ s stock prices indirectly produces an influence on the SPCCs price, and the influence direction depends on the difference between increases in the CoCos and the decreases in the provision of the share-puttable ＆ callable with the volatility of issuer’s stock prices.