Bail-ins, Cocos and Basel III: FIG market faces up to new realities

Banks have been in the firing line over the course of the financial crisis. Creditors have cried foul over haircuts and burden-sharing, while governments, spurred on by angry taxpayers, are working to limit state funds going into banks in the future. The result has been a complete overhaul of the ways European banks are regulated and, consequently, how they operate in the debt capital markets.