On a recent visit to a prominent London fund manager, Euromoney watched one portfolio manager pound his fist on the table, incredulous that regulators were proposing to turn senior debt instruments into something that begins to resemble equity. Anathema is a word that springs to mind.
As a recent survey of investors conducted by JPMorgan shows, many investors see senior bank debt as less investable if bail-ins are imposed. That’s a worrying prospect for global banks seeking $3 trillion of funding by the end of next year.
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