High demand pushes BCP to extend sub exchange

02 Oct 2011

Liability management specialists have praised Banco Comercial Português’s move to reopen its exchange offer in the face of overwhelming demand.

The Portuguese bank closed its liability management exercise on Thursday only to reopen it the following day in the hope that its regulator would let it exchange more hybrid tier ones than initially planned.

Investors had tendered €723m of tier one perpetual securities for exchange at 60% of ...

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