The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

EU debt markets: Will the bank bail-in make bond investors bail out?

The primary debt markets in Europe seem to have come to terms with the threat of a peripheral sovereign debt restructuring. But proposed regulation that will require bondholders to be bailed in when banks fail might be the last straw for some buyers in the FIG market. Louise Bowman reports.

GIVEN THE YEAR that their debt markets have just had, European FIG bankers could be forgiven for feeling slightly anxious about their business. In the first quarter of this year senior unsecured FIG issuance was down by 22%, global subordinated was off by 10% and the European bank sector reportedly faced a €1 trillion financing hole. But when Euromoney visited some of the most highly regarded teams in this year’s primary debt survey in May, the mood was positively upbeat. "This is one of the most exciting and interesting periods in the debt markets I can remember," enthused Martin Egan, global head of fixed-income primary markets and origination at BNP Paribas, which ranked third overall in the primary debt survey, up from fourth last year.

What about the sovereign debt crisis? What about looming regulation? "The world has changed and we need to digest what is going on at a macro level," he concedes. "Growth dynamics are not going to suddenly turn around and the historical boundaries between developed markets, emerging markets and growth markets have broken down.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree