Banca Monte dei Paschi di Siena subordinated bond investors are resisting recapitalisation proposals that could see their holdings swapped into equity in the troubled bank. These bondholders have experienced a bumpy ride this year as the prospects of a coercive debt exchange have ebbed and flowed. There is just under €5bn nominal amount of sub debt available to create Tier 1 equity, but bankers say the recapitalisation effort is being hampered because the investors know there is little political will for a bail-in of the bonds.
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机译：Banca Monte dei Paschi di Siena次级债券投资者拒绝进行资本重组提议，该提议可能会使他们的持股转换为陷入困境的银行的股权。随着强制性债务交换的前景消退和流动，这些债券持有人今年经历了坎bump。名义上可用于建立一级股权的次级债券的名义债务规模不到50亿欧元，但银行家们表示，由于投资者知道保释债券的政治意愿不高，资本重组工作受到了阻碍。
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