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GC Asia
Standard Life hits 91% take-up for buyback as markets wilt
An above-par buyback price helped Standard Life’s cash tender offer achieve a 91% take-up rate against a backdrop of slumping early September markets.
The insurer closed a buyback of a €750m lower tier two issue at a cash price of 102 on Friday, agreeing to repurchase the €687m tendered. The 6.375% note has a final maturity of 2022 and a first call date in July next year. Deutsche Bank, JP Morgan
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