Popolare to print bullet tier two after 50% exchange take-up

25 May 2011

Banco Popolare SC is set to price a bullet lower tier two issue on Wednesday afternoon after meeting a 50% take up rate in its tier two exchange offer.

Investors tendered 50.4% of the Eu1.3bn of tier two securities eligible for the exchange. The notes have call dates between June 2011 and February 2012, and the bank offered to buy them back at around a two point premium to secondary levels.

The new tier two issue will have a bullet ...

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