Cyprus Popular offers cash or senior in tier two swap
Cyprus Popular Bank is offering holders of a €450m subordinated floater to switch the bonds in to senior paper or tender them for cash below par, in a bid to increase its capital ratios.
The Cypriot bank, formerly known as Marfin, launched the exchange or tender offer on Monday.
Holders of the bond of which 413m remains outstanding can tender them for cash at 55% of par, or switch them into senior paper at 72.5% of par.
Calculating a premium
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