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European investors were well-prepared for the implementation of the EU’s Bank Recovery and Resolution Directive (BRRD) bail-in regulation on January 1 this year. However, the Bank of Portugal’s decision to bail-in a small number of senior bondholders in Novo Banco, just three days before year-end means that the new legislation is now overshadowed by confusion and controversy.
Many senior bond investors had their year-end break interrupted by a press release from the Bank of Portugal on December 29.
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