Cathay United Bank buys back $173m of tier two bonds

13 May 2009

Taiwan’s Cathay United Bank became the latest Asian borrower to finish a liability management exercise this week as it closed a tender offer for subordinated tier two bonds.

Cathay paid 92 cents on the dollar for $172.62m of bonds, falling just short of the $175m it had offered to buy. The tender was originally intended to be for only $125m of Cathay’s bond. The bank increased the size of the tender half way through the bidding ...

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