Solid take-up for CGD sub to senior exchange

15 Sep 2011

Caixa Geral de Depósitos’ €750m sub for senior exchange offer could find a strong participation rate, despite the deeply discounted exchange prices, bankers told EuroWeek.

The bank launched an offer on September 14 to exchange perpetual tier one and upper tier two issues at below par prices into a new 2015 senior unsecured issue with an 8% coupon. While the bonds are traded lightly in secondary, bankers away from the exercise said the ...

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