Sareb demands its senior debt holders so that their bonuses can generate negative returns

The Asset Management Society from Banking Restructuring (SAREB) has announced this Friday that has filed a lawsuit against its senior debt holders (ABANCA, CaixaBank, Banco Sabadell, BBVA, Unicaja, Ibercaja and BFA) with the aim of getting That its bonds can generate negative returns, according to a press release sent to the National Securities Market Commission (CNMV).

The entity argues that, after the changes included in the orientation (EU) 2016/2298, of November 2, which modifies the prior guidance on the application of the Eurosystem monetary policy framework, since 2017 its Senior Debt Emissions They must allow negative financial flows, "which is consistent with the current context of capital markets, in which the types of negative interest are applied commonly."

Thus, Sareb seeks to eliminate the restriction to the negative returns that it introduced in 2015 in its broadcasts and return to the original design of the bonds, after the European Central Bank changes its criterion on negative returns, and once this criterion has already been Normalized.