BPE gets 40% take-up on exchange
Banco Popular Español achieved a high hit rate on an exchange offer on Monday, with around Eu1.4bn of Eu3.5bn of bonds eligible for the exercise being swapped into a new, Eu1.75bn five year cédulas hipotecarias issue — the maximum that the Spanish bank could raise. The exchange — out of covered bonds and senior unsecured paper — was deemed more successful than the first covered bond liability management exercise, for Dexia Municipal Agency earlier this month. Read EuroWeek this week to find out what made the difference for Banco Popular.
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