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European Bail-In Rules Extend to the US Credit Market
Global | Publication | April 8, 2016
The new bail-in rules that generally took effect in January 2016 are the European Union’s response to the 2008 global financial crisis and the “too big to fail” regime. The EU Bank Recovery and Resolution Directive (2014/59/EU) requires that EU member states implement a similar legal framework whereby failing financial institutions will not look to public stakeholders for a “bail-out.” European regulatory authorities can force these failing institutions to cancel or severely dilute shareholder equity or to cancel, write-down or convert unsecured liabilities to equity. Such regulatory action is referred to as a “bail-in.”
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High Yield Bonds: An Issuer's Guide (6th European Edition)
As with earlier editions, the 6th European Edition of High Yield Bonds: An Issuer’s Guide is primarily intended for first-time issuers, to give business owners, chief financial officers, treasurers, in-house lawyers and other key stakeholders a better understanding of the high-yield product, and to help them evaluate the pros and cons of issuing high-yield notes.
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