Swedbank retires sub debt, focus on core tier one
Swedbank said on Thursday that it will retire up to Skr3bn (Eu297m) of 10 tier two bonds totalling Skr14bn and has no plans to issue the product again in another sign of the declining importance of subordinated debt to banks’ capital ratios.
Unlike many of the capital management exercises carried out by banks this year, Swedbanks buy back of 10 securities will not be carried through a tender offer. Instead Swedbank will make bids on the bonds once it has gathered investor feedback throughout next week.
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