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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The pressure is growing on senior bond holders of Europe's troubled Banks who might not receive state support to preserve their capital, in other words they are inching closer to a debt restructuring.

欧洲问题银行业的优先债券持有人面临越来越大的压力，他们或不能得到中央财政的支持以保护自身的资金安全。换言之，优先债券持有人面临债务重组的几率正在加大。

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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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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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