Carige sets pricing indications on LT2 exchange

01 Dec 2010

Cassa di Risparmio di Genova e Imperia (Banca Carige) set the terms on Wednesday on a lower tier two for lower tier two exchange offer that it had announced on Tuesday.

The bank is seeking to buy back its outstanding Eu500m 2016 non-call 2011 lower tier two at 95% of par, which is a premium of about two to three points against where the bonds were in the secondary market, although the issue was quite illiquid.

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