EFG PONV success as investors rush to liability management exercise
Investors have flocked to EFG International’s buyback of a hybrid tier one note, tendering 91% of the securities to the offer at the early deadline. The strong take-up means the bank is likely to be able to insert point of non-viability loss absorbency language into the rump, as well as generating core tier one capital.
Bondholders submitted 241.3m of the perpetual non-call 2010 instrument subject to the buyback by the early deadline. Some 265m of the 400m note had been outstanding when EFG announced the buyback offer on December 12.The Swiss private bank had offered bondholders that participated by the early deadline ...
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