Crédit Logement raises buyback cap to €180m
As banks turned to tender offers on asset backed securities, Crédit Logement wrapped up a capital buyback — an increasingly rare exercise — this week, increasing the cap on the deal on the back of strong demand.
The French borrower said on Monday it would buy back 180m of the 450m tier one security targeted in the exercise.
When launching the deal on April 2, the bank had set a buyback cap of 150m.
Even with the higher ceiling, it had to scale back bondholders
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