Friesland ready to collapse Eleven Cities
Friesland Bank took another step towards collapsing its outstanding Stichting Eleven Cities RMBS programme next year, after inserting a quarterly call option into documentation at a noteholders’ meeting on Monday.
The call option applies to all tranches in CIT11 3, CIT11 4, CIT11 5 and CIT11 8. It allows Friesland Bank to call any of the bonds on a quarterly basis, starting from January 2013.
Those call options will allow Friesland to collapse the Eleven Cities programme and
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