Intesa prints new tier two bullet through sub exchange
Intesa Sanpaolo has issued a new €1.45bn tier two bond after buying back €1.428bn of outstanding tier two debt, in an effort to optimise its capital structure and replace old-style capital with new paper that will be fully recognised under the incoming European Capital Requirements Regulation (CRR). Elsewhere, UBI Banca has offered to buy back a tier two bond it is not planning to call.
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