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ICICI Bank has a strong capital position, a good reputation and a key position in one of the world’s fastest growing economies. It also has several billion dollars of debt to refinance over the next 18 months. So why did it risk its standing with investors by trying to skip the call date on $25m of bonds?
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A sweep-up clause is expected to be triggered on 12 Allied Irish Banks subordinated securities after the bank hit an 86% participation rate on its liability management exercise. But the bank fell short of the 75% participation rate required to trigger a sweep-up clause on three of the notes.
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ICICI Bank shocked investors last week when it revealed that it was not going to call a small, privately-placed lower tier two bond falling due next month. But those investors got another, more welcome surprise at the weekend — when ICICI changed its mind, and said it would call the bond after all.
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As the market waits for Allied Irish Bank’s tender offer results, expected later on Tuesday, the International Swaps and Derivatives Association (Isda) has ruled a credit event has occurred on the bank — and another may be in the pipeline.
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Bankers were unmoved by Pohjola Bank’s decision to postpone its first subordinated bond since the crisis this week, saying the transaction was a difficult one to execute and the market was in poor condition.