Tim Bond of Barclays Capital says the sell-off in senior bank debt is “completely baseless”.

巴克莱资本的Tim Bond说高级银行债的贱卖毫无根据。

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“The universal bank is the regulatory equivalent of the super-senior mortgage-backed bond,” says one analyst.

有分析家称：“综合性银行就相当于受监管的、抵押业务支撑的超级债券。

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The ECB has warned that Greece and Ireland should not default on their immense debts or impose haircuts on senior bond holders.

欧洲央行已警告，希腊及爱尔兰不应不偿付其庞大的债务或对主要债券持有人展开估值折扣。

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Senior bond holders are higher up the pecking order and would walk away with some if not all capital returned should the company enter bankruptcy, while subordinated debt holders are left holding the bag and are on the hook for losses in the event that prospects worsen.

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The ECB reportedly now wants to allow senior bank bond-holders to be the first to absorb losses.

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The coupon on Reliance's perpetual bond was set at 5.875% the lowest in the world this year for a U.S.-dollar senior true perpetual bond.

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