BBN020 are senior bonds and are part of the corporate banking...

BBN020 are senior bonds and are part of the corporate banking group. They most definitely rank ahead of BBN010 SPARCS bonds and BEPPA.

As far as I am concerned, if the BAM deal is voted down, BBI will going into administration and then BAM and RBS and co will pick over the assets they want.

Whatever is leftover (if anything) after all the assets are sold will go to the corporate lenders and that includes BBN020. I am told about 50 cents in the dollar is what BBN020 holders would expect, but these figures can move around quite dramatically in an administration context.