Banesto launches sub LM, Sabadell buys back €110m

13 Sep 2012

Banco Español de Crédito (Banesto) launched a buyback of preferred securities at deep discounts to par this week, while fellow Spanish lender Banco de Sabadell revealed subdued take-up levels on its cash tender offer.

Banesto is targeting two of its three outstanding euro denominated preference shares, with a total face value of €325m.

Investors can tender a €125m CMS-lined non-cumulative perpetual at 52% of par, and a €200m non-cumulative perp at 61% of par. Those prices offer around a 10 point premium ...

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