Italy's UBI offers to buy back subordinated debt
MILAN, Sept 9
MILAN, Sept 9 (Reuters) - Italy's UBI Banca said on Monday it was offering to buy back a subordinated Tier II bond with a nominal outstanding amount of 300 million euros and a 2018 maturity as Italian lenders move to take into account new capital rules.
UBI said in a statement the transaction, which was authorised by the Bank of Italy, was part of the bank's liability management and took into account the prevailing market conditions and regulatory developments.
The offer runs until Sept. 17.
Italy's Intesa Sanpaolo also offered to swap existing subordinated notes with new Tier 2 debt which it would be able to include in its regulatory capital under new EU capital rules.
(Reporting by Valentina Za)
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