BNPP rewarded after digging in over Fortis Cashes tender
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BNPP rewarded after digging in over Fortis Cashes tender

BNP Paribas held firm on Friday amid a bondholder rebellion as investors spurned a cash tender offer it made earlier last week for €3bn of Fortis Bank convertible and hybrid equity-linked securities (Cashes). And when it announced an acceptance rate of 63% on Tuesday, it belied last week’s protest.

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