Liberbank looks at retail swap

13 Jun 2012

Spain’s Liberbank is seeking permission to buy back all its retail targeted subordinated debt at par. But the deal would come with a twist: bondholders would have to keep all the proceeds in a fixed term savings account at the bank for four years.

The savings bank group is seeking official sign-off on the offer, which would target 13 securities totalling almost €550m. Once they get that, they expect to offer bondholders two months to decide whether to participate.

The interest rate the bank will offer on the fixed term deposits has ...

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