BES exchange comes with warning

14 Nov 2011

Banco Espirito Santo’s much anticipated debt for equity exchange offer, launched on Monday, is largely in line with expectations and investor friendly but comes with a warning on the outlook for hybrid coupon payments.

The Portuguese bank has mandated Deutsche Bank and Morgan Stanley, alongside its own Banco Espírito Santo de Investimento, to manage the capital generating liability management exercise.

The offer is one of several by Portuguese banks in recent months, as they work to meet a Bank of Portugal requirement ...

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