EFG hits 33% take-up in sub-exchange

13 Jan 2012

Investors tendered a third of EFG International tier one bonds eligible for exchange into a Basel III compliant tier two issue this week.

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 ...

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