Investors in a key piece of bank capital were left puzzled after the European Central Bank proposed changing the market without explaining how.

The European Central Bank will enact a raft of changes next year to make its supervision of lenders more effective and reduce costs for the industry.

The European Central Bank proposed changing the design of a type of deeply subordinated bond issued by lenders to ensure it can absorb losses before banks fail.

The European Central Bank will enact a raft of changes next year to make its supervision of lenders more effective and reduce costs for the industry.

The European Central Bank proposed changing the design of a type of deeply subordinated bond issued by lenders to ensure it can absorb losses before banks fail.