Dexia buyback ‘distressed exchange’: S&P
Standard & Poor’s said on Thursday that Dexia Bank Belgium’s cash tender — which struck market participants this week with its low 25% buyback price — is a distressed exchange.
In the exercise led by UBS, the bank is offering to buy back a 500m tier one. The cash tender had been planned in Dexias restructuring plan signed last year, when the Belgian government bought the banks operations in that country.
"We consider the offer to be a
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