Trading in German bank senior preferred CDS to begin

By David Freitas
07 May 2019

German bank senior preferred credit default swaps (CDS) will begin trading from May 13, after changes in German national law in 2018 that created a way for banks to issue senior preferred debt.

German legislators amended legislation to allow lenders to issue both senior preferred and senior non-preferred bonds last July. From then, senior unsecured bonds have had to be issued with contractual subordination wording in their documentation if they are to count towards the minimum requirement for own funds and ...

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