UBI hits 22% take-up on LM against tier one rally headwind

20 Feb 2012

A previous tender offer, a rallying market and competing liability management exercises limited investor participation on UBI Banca’s tier one buyback last week to 22% of eligible paper.

Investors tendered between 18%-28% across the three tier one securities, totalling slightly more than €450m, which were eligible for buyback at 80% of par.

The offer closed on February 16 and UBI released take-up results on Friday afternoon. Citi, HSBC and Natixis were dealer managers on the exercise. ...

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