Buybacks bump up BES’s core tier one — but low exchange take-up expected

29 Jun 2011

Banco Espirito Santo’s unattractively priced sub to senior exchange offer is structured to comply with regulatory requirements, a banker familiar with the transaction told EuroWeek.

The Portuguese bank invited investors on Thursday to tender a tier one and two upper tier two securities at prices close to secondary trading levels in exchange for a new five year senior unsecured issue.

Bankers away from the transaction said the 430bp over mid-swaps level was several ...

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