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The bank capital market is coming down hard after the highs of the past few months, as investors reassess the risks of subordinated debt in the wake of SNS Reaal’s nationalisation and Asian private bank demand recedes.
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SNS Reaal, the Dutch banking group that was nationalised last Friday, was dealt another blow on Monday when it was revealed that it would have to contribute to a €1bn levy to be imposed on the major Dutch banks in 2014. But senior bondholders were relieved to hear that their holdings would remain in SNS Bank rather than being transferred to a new bad bank that is expected to take on the group’s loss-making Property Finance assets.
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Bondholders have 10 days to appeal against the Dutch government’s expropriation of SNS Reaal subordinated debt. As it stands, hybrid capital and sub debt sold by the firm’s banking entities looks set to be wiped out after the company was nationalised overnight.
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Fears that subordinated creditors to SNS Bank would be subjected to harsh burden-sharing measures eased this week as talk of a private recapitalisation picked up. But the uncertainty drove sharp moves in the bank’s subordinated debt.
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A quarter of variations to risk weights in large banks’ trading books come from undisclosed supervisory discretion, according to the Basel Committee on Banking Supervision.
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A tough liability management exercise on SNS Bank subordinated paper would be less likely if the bank finds a private sector source for a recapitalisation, investors have said.