A new regime — but how much does bail-in rewrite the rules?

Having overshadowed the senior unsecured market for the best part of a year and a half, bail-in finally made the leap from debate to directive in June with the publication of Europe’s draft crisis management framework. It had been a long time coming, but once it arrived, discussion around it quickly tailed off. But hang on — haven’t the rules of senior debt just been rewritten, asks Will Caiger-Smith?