BPI covered buyback heralds LM trend

27 Jan 2012

Portugal’s Banco BPI launched the second covered bond tender of the year on Thursday and market participants expect more to follow ahead of the European Central Bank’s second Long Term Refinancing Operation in February.

The issuer is offering a slim premium for its first covered buyback, though rising fears of a Portuguese default could provide an added incentive for investors.

BPI is offering to buy back any and all of its €1bn 3.25% 2015 benchmark at a price of 85, through Citi and ...

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