Christopher Spink covers financial restructuring across Europe, as assistant editor for International Financing Review. He is currently focusing on the Eurozone crisis as well as regulatory developments as part of IFR’s People & Markets team. Previously he wrote about M&A for another Thomson Reuters title Acquisitions Monthly. During his 15 year career Chris has also covered AIM companies and venture capital backed businesses, as head of research and deputy editor at Growth Company Investor. He also wrote best-selling book, "How to invest when you don’t have any money", when he worked at investment website The Motley Fool.
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Major international banks that have spent the last five years trying to comply with Basel III rules on the levels of capital they must hold, now face the tortuous prospect of a further five arduous years implementing regulatory reforms restricting how their operations are structured.
The International Capital Markets Association, representing many of the world’s major issuers and their advisers, has reached agreement on new recommended sovereign bond clauses that could avert the problems that have afflicted Argentina in restructuring its debt.
There was some surprise in the market when holders of senior bonds escaped a bail-in in the rescue of Banco Espirito Santo, but perhaps there shouldn’t have been given that the European Central Bank was a major creditor of the Portuguese bank.