Angola revokes BES guarantee as sub holders brace for more bad news
Bailed out Portuguese lender Banco Espírito Santo has been hit with fresh bad news, as Angolan authorities announced they would no longer guarantee the loan book of BES’s subsidiary in the country. Meanwhile, buyers of credit default swaps (CDS) on BES’s sub paper are expected to be told that the protection contracts are worthless due to the nature of the breakup of the bank.
Unlock this article.
The content you are trying to view is exclusive to our subscribers.
To unlock this article:
- ✔ 4,000 annual insights
- ✔ 700+ notes and long-form analyses
- ✔ 4 capital markets databases
- ✔ Daily newsletters across markets and asset classes
- ✔ 2 weekly podcasts