Investec has resuscitated a tier two liability management exercise which it had cancelled in September 2010 amid regulatory uncertainty. As part of the deal, Investec will also price a new lower tier two issue, the first of the year and the first in the sterling market since April last year.
The decision to terminate the exercise last September was driven by the fact that Investec was not sure that it would be getting regulatory capital treatment for the new notes. Right in the middle of the exercise, the Basel Committee for Banking Supervision made an announcement on higher
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