‘Opportunistic’ BPE buys back 3% of ABS

Banco Popular Español’s fixed price tender for 10 tranches of legacy SME-loan ABS failed to arouse much investor enthusiasm, with the bank buying back only €24m of bonds.

  • 14 Dec 2012

That equates to 3% of the outstanding €750m of bonds eligible for the buyback. The take-up rate is significantly lower than the 10%-15% take-up in most other Spanish ABS buybacks this year.

"ABS buybacks are invariably opportunistic," said a liability management banker away from the deal. "If a ...

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