ÖVAG targets pref for capital generation
Austria’s ÖVAG launched a buyback and consent solicitation on a preferred security on Tuesday night in a bid to improve its capital position. The borrower is offering to buy back a €250m fixed to floating rate preferred security at 39% of par.
The move comes after shareholders wrote off 70% of the banks share capital and participation capital last month and took a 484m capital injection from its principal shareholders, the Republic of Austria and Austrian Volksbanken.
Alongside the buyback, ÖVAG is asking bondholders to approve the removal of a
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