Recent liquidations of Banco Popular Espanol, Banca Popolare di Vicenza and Veneto Banca have put Tier 1 and Tier 2 securities under the spot light. In the case of the Spanish bank, holders of both Tier 1 and Tier 2 securities got cleaned out. For each type of security, the non-viability clause was triggered, the securities were converted to ordinary shares and all shareholders at that point got to share...