LM supply gets a dose of variety
Liability management, one of the dominant themes in bank capital at the moment, took a colourful turn this week, with EFG International saying it would issue a Basel III compliant tier two in exchange for an old note and Banco Financiero y de Ahorros offering to buy back debt without giving any price indications. BFA justified the absence of pricing by saying that many of the securities targeted in its €750m buyback were illiquid.
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