What Europe’s First Official Bail-In Looks Like
zerohedge.com / by Tyler Durden / Jun 7, 2017 8:25 AM
“If you think this has a happy ending, you haven’t been paying attention,” warns MINT Partners’ Head of Capital Markets Bill Blain, as he reflects on what just happened in Europe (that US equities seem happy to brush off as yet another fleshwound to global instability).
There is a rule in Financial Institutions that any bank that calls itself “popular” generally isn’t. This was proved last night. But, congratulations if you were a holder of Spain’s Banco Popular’s Senior Debt – they did a Zebedee “boing!” on the basis last night’s last minute Santander rescue makes the bonds money good.
Bad news for the Equity and COCO AT1 holders – who have the distinction of holding the first major bank capital bonds to be bailed-in/wiped out under EU regulations. Banco Popular senior debt is 12 points higher this morning.
The AT1 perps are trading at 2.6%, down 50 points!!,and even that price looks optimistic. Ahah. We’ve not seen crashes like that since 2008.
Popular has been desperately seeking a rescue for the last few weeks, but everyone looked the other way. So last night the ECB triggered the “Single Resolution Mechanism” when it determined the Popular’s liquidity crisis was such its equity would be unable to cover debts or other liabilities.
The post What Europe’s First Official Bail-In Looks Like appeared first on Silver For The People.
Source: http://silveristhenew.com/2017/06/07/what-europes-first-official-bail-in-looks-like/
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