Liability management finds more converts

There is no summer lull for liability management and yet more financial institutions have joined the fray or planning to do so. ASR Nederland has indicated that it might look to exchange some of its outstanding hybrids for new step and non-step hybrids, subject to regulator approval. BPCE, which will be the new name for the combined Groupe Banque Populaire and Groupe Caisse d’Epargne, is exchanging old tier one for new tier one, the first exercise of its kind by a French bank. To find out more about these and the other tenders, read EuroWeek this week.