BES tier two debt takes a further pasting

Banco Espírito de Santo’s subordinated debt took a further hammering at the start of the week, with the bank’s 7.125% November 2023 tier two bonds dropping from an 87 cash price on Friday to 76.8 Monday morning, before falling further to 72.122 by late morning. The bond was trading to yield 16.546% at 11.20am London time on Tuesday.