Tier one buyback interest splits with EFG, UBI
Tier one buybacks at EFG Hellas and UBI Banca met sharply different responses from investors this week, with bondholders much cooler on the Italian bank’s offer than that of the Greek borrower.
Investors tendered nearly four out of five EFG Hellas tier one securities eligible for buyback, but only around one in five eligible in UBIs offer. The low take-up on the Italian deal reflected competing buybacks, the high coupons being paid, and the fact that the notes had already
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