Dexia passes on tier one coupon after EC reminder
Dexia announced late last Friday (October 9) that it will not service the discretionary coupon on a Eu500m perpetual non-call 2016 tier one Dexia Funding Luxembourg issue, after the European Commission repeated last week that banks receiving state aid should not use government money to reward investors.
The EC statement was not directly aimed at Dexia and ING, but its wording made clear that the Commission was displeased with their decisions to call some of their subordinated issues.
ING last week and Dexia the previous week had said they intended to call lower tier two and
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