Banque Cantonale de Genève defends LT2 debut
Banque Cantonale de Genève’s lower tier two note — a Sfr180m 3.125% seven year bullet issued on Wednesday — caused confusion in the Swiss franc market this week. The issuer had to defend the eligibility of the deal to be grandfathered under the Basel III regime after many market participants came to the conclusion that it would not be possible.
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