Banco Popolare offers investors premium on capital buyback
Italy’s Banco Popolare is offering investors a small premium to market value in a buyback of up to €600m of tier one and tier two capital instruments. The bank is targeting five lower tier two securities and four tier one bonds, and has said future calls on the securities would be made on an economic basis.
It will buy back up to 600m of the bonds at prices of between 40 and 86 for the tier ones and 90.75 and 105.25 for the tier twos.
Analysts at BNP Paribas said these prices offered a premium to market value of around four points for the tier
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