It’s now or never: Northern Rock/B&B give investors a way out

02 Jun 2010

Northern Rock and Bradford & Bingley announced on Wednesday that they were seeking to buy back some of their outstanding subordinated debt at a deep discount to par.

The two banks were rescued by the UK government — victims of the credit crunch — and as such have not been paying coupons on their subordinated debt since they were rescued. In the case of Bradford & Bingley, this includes its lower tier two debt, following a ...

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