Portuguese prepare hybrid liability management exercises after close calls in stress tests
Banco Comercial Português and Espírito Santo Financial Group are planning liability management exercises to generate capital after their close calls in today's stress test results
ESFG came out with a 5.1% core tier one ratio in the adverse scenario to the end of 2012, while BCP's was 5.4% in the same situation.
BCP said it intended to increase its adverse scenario capital ratio by 45bp with a liability management offer on a 2016
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