Friesland Bank tenders for Eleven Cities RMBS
The Netherland’s Friesland Bank has offered to buy back five Stichting Eleven Cities RMBS at or above par, potentially enabling the lender to redeem the bonds early without the need for consent of other noteholders.
Friesland Bank has tendered for bonds in CIT11 2 A B and C tranches, CIT11 3 A2 B C D and E tranches, CIT11 4 ANGH and A tranches, CIT11 5 A tranche and CIT11 8 A1.
The outstanding across all tranches in the tender totals around 2bn.
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