SETTING THE STAGE

摘要

Nykredit Realkredit stole a march on Europe's major lenders as it opened the market for so-called Tier 3 debt, setting the stage for a flood of similar issuance from the banking sector. Like other banks in Europe, the Danish mortgage lender was aware that it had to raise billions in loss-absorbing debt to satisfy regulators that creditors rather than taxpayers will shoulder the costs of future crises.