BCP gets going on equity-for-hybrids exchange
Banco Comercial Portugues launched an up-to Eu1bn equity-for-hybrids exchange offer on Tuesday, keeping to a timetable in which it plans to raise as much as Eu1.25bn of equity before the end of June.
The bank has set the exchange ratio at 1,600 shares for each Eu1,000 bond, in line with the floor price approved when the bank gave the go-ahead for the deal in mid-April.
The price implies an issuance value of Eu0.625 a share which, based on the current share
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