Found out about this I was like DAAAMN, I'm bringing that gun BACK! – Fires projectiles with explosive properties and splash. Decreased critical hit bonus.
Usage & Description
The explosive projectiles fired by this weapon have an 80% splash, and the Cobra itself has a 110% crit bonus.
In the first weeks of Mr. Torgue's Campaign of Carnage, there was some unrest in the community due to the fact that the Cobra, prominently featured in the trailers for the DLC, was seemingly absent. In a forum post, Gearbox employee Hellface clarified that the Cobra is in fact in game, as well as revealing the drop rate.
Every time one of Pete's burners drops a sniper rifle, if that weapon spawns with purple rarity then it has a .88% chance (not 88%, but 0.88%: that's 88 in 10,000) to be the Cobra. This makes Cobra one of the rarest drops in the game.
However, the Cobra received a drop rate increase in the 10/29/15 patch.
For purposes of calculating damage modifiers, the rounds fired by Cobra count as explosive but do not count as grenade damage as Torgue gyrojet weapons do. Therefore, damage can receive Gun Damage boosts from Gaige's Anarchy and Axton's Duty Calls, but not the Grenade Damage boosts from Steady. The splash can also be boosted by Maya's Reaper.
The Cobra was a legendary sniper rifle featured in Borderlands. The flavor text quote is presumably stated by Tiny Tina, and references its return to Pandora in Mr. Torgue's Campaign of Carnage.
The Cobra is the only weapon to fire explosive bullets (as opposed to gyrojets, E-Tech projectiles, et cetera).
The explosive icon on a weapon's item card is a standard texture sprite which is featured on all Torgue and explosive rocket launcher item cards. Since the Cobra is manufactured by Jakobs it has no sub-line to display the sprite and its item cards will not feature the explosive icon.