BES forced to bin exchangeable as mood sours
Portugal’s Banco Espírito Santo was forced to postpone its Eu550m exchangeable bond issue at the last minute late last night Thursday, amid weak sentiment that a banker working on the deal blamed on market rumours that a large US bank would have to file for Chapter 11 bankruptcy.
Single-A rated BES was turning to the equity-linked market for funding for the second time this year, after a $1bn deal in February, exchangeable into shares of Bradesco, Brazils largest bank. This time, the deal was exchangeable into shares of Energias de Portugal (EDP).
A combination of factors led
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