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FIG

SocGen follows Danske in RAC buyback compromise

Société Générale has launched a tender offer on its $1.5bn perpetual subordinated bond, after ratings agency Standard & Poor’s changed its methodology for calculating equity content for hybrid debt. The deal follows a similar move by Danske Bank just under a month ago, with the issuer offering a compromise to buy the notes back just below market value rather than calling them at par.

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