Intesa gets high take-up for controversial LM exercise

09 Nov 2012

Intesa Sanpaolo left some investors out in the cold this week after it stuck to the cap on its controversial liability management exercise, buying back €1.8bn equivalent of tier two debt compared to the €2.2bn investors tendered.

Though the offer worked out well for Intesa, bankers don’t think that trustees or regulators will allow many other similar deals to go ahead given the controversy generated by the exercise.

Those left holding the paper know the bank will not only not call the bonds, but will also ...

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