Övag hits 70.5% participation rate in tier two buyback
Österreichische Volksbanken-Aktiengesellschaft bought back €211.6m of tier two debt in a cash tender offer intended to create core tier one capital and offer liquidity to investors.
It also gave the issuer the chance to retire old, non-CRD IV compliant tier two paper.
The 300m November 2016 bond, 58m of which was held by Övag itself, was bid at a cash price of around 69 and offered at 71 before the tender offer was announced. The
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