BP Emilia Romagna launches exchange as new regs open door to Italian LM
Banca Popolare dell’Emilia Romagna (BPER) has launched what may be the first of many Italian liability management exercises, as the national regulator relaxes its rules on tenders and exchange offers.
The Italian bank is offering to buy back any or all of its Eu360m lower tier two paper maturing in March 2016 at 98% of par, in exchange for a new two year senior unsecured floating rate issue.
The bank opened the exchange offer on Wednesday, after being
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