I’m not fluent in banker . . . does this Reuters report really say that the Bank of Ireland is in default?
The ISDA said a restructuring credit event occurred after Bank of Ireland closed an offer to buy back about 2.6 billion euros of Tier 1 and Tier 2 subordinated debt at a discount of up to 90 percent earlier this month.
A credit event is financial industry jargon for default on payment, breach of bond covenants or other event that casts doubt on an issuer’s ability to service its debt.
If it does mean the bank is in default, how come it hasn’t received much attention in the media? (Aside from the focus being on Norway right now for other reasons, of course.)
H/T to Karl Denninger for the link.
