EFG extends exchange deadline

06 Jan 2012

Switzerland’s EFG International has extended the deadline for holders of a tier one note to exchange it into a Basel III compliant tier two bond, citing delays over the holiday period.

The Zurich-based private bank is offering holders of a €400m tier one perpetual instrument to exchange it at 50% of par for a new 10 year bullet tier two instrument. The exercise was due to close on Thursday, but the bank has extended the participation deadline to Monday, ...

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