Espirito Santo, BPI target core tier one

31 Oct 2011

Liability management specialists say November is set to be a busy month for cash buybacks after two more Portuguese banks launched exercises to increase their core tier one ratio on Monday morning.

Espirito Santo Financial Group (ESFG) on Monday launched an exchange or buyback offer on two subordinated notes. The bank will exchange up to half of the €800m outstanding across a tier one preferred security and a lower tier two issue. If the exercise is oversubscribed, the bank will ...

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