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Italian bank CDS spreads are tightening this...>

BTPS
BTPS: Italian bank CDS spreads are tightening this morning. For instance,
Unicredit and Intesa senior 5Y CDS are both around 2bp tighter at 76.5bp and
71.3bp respectively.
- We are told that excitement is building around a plan to protect senior bond
holders from a bail-in, with the addition of a new tranche of bond sitting
between senior and junior bonds. The article is in today's IlSole24 but is very
short and contains few details and at the moment is just a an idea.
-
http://www.ilsole24ore.com/art/finanza-e-mercati/2017-09-19/governo-lavoro-npl-e
-bond-cuscinetto-063700.shtml?uuid=AEv5DUVC

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