Bashes over Cashes as bondholders fight BNPP

BNP Paribas was facing a bondholder rebellion on Friday as owners of 43% of the €3bn of Fortis Bank convertible and hybrid equity-linked securities (Cashes) formed a group to push for a higher price on the offer. The bank made no formal response but pointed out in a FAQ document on Friday that it reserved the right to proceed even if a 50% acceptance threshold is not reached.