Popular becomes first casualty under BRRD, AT1s ‘totally cancelled’
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Popular becomes first casualty under BRRD, AT1s ‘totally cancelled’

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European authorities applied the bank recovery and resolution directive (BRRD) for the first time on Wednesday, placing Spain’s Banco Popular into resolution and approving its sale to Santander. The regulatory process, in which additional tier one (AT1) and tier two bonds were wiped out, has far ranging implications for all market participants working on financial debt.

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