EFG hits one-third participation in sub exchange

11 Jan 2012

Investors tendered a third of EFG International tier one bonds eligible for exchange into a Basel III compliant tier two issue, in an offer that closed on Monday.

Holders submitted €135m of a €400m tier one perpetual instrument issued by the Zurich-based private bank for exchange at 50% of par into a new 10 year bullet tier two instrument.

The new tier two bond carries an 8% coupon and complies with Basel III rules by including language around the ...

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