Co-operative Bank offers new 10 year sterling for euros in sub exchange
The Co-operative Bank is to offer a new 10 year sterling denominated subordinated issue in exchange for a euro denominated lower tier two that matures in 2016, the bank said on Thursday.
It announced an exchange offer on Monday for Eu184m of outstanding lower tier two paper issued by Britannia Building Society in 2006. Pricing details for the new issue are due on Monday, and bondholders will have until 4pm the following day to participate.
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