Expert warns against ‘burn the bondholder’ plan

So-called ‘burn the bondholder’ proposals that would see Irish banks default on subordinated debt could send the banks into a ‘no-go’ area with the international bond markets, according to a top debt advisory firm.

13th February, 2010

So-called ‘burn the bondholder’ proposals that would see Irish banks default on subordinated debt could send the banks into a ‘no-go’ area with the international bond markets, according to a top debt advisory firm.

Dublin-based Glas Securities said that any decision by an Irish bank to default on subordinated debt could, depending on the documentation and specific characteristics of individual bonds, result in breaches of so-called ‘cross default’ provisions attached to...

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