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Monte dei Paschi opens debt swap offer to retail bondholders

Banca Monte dei Paschi di Siena SpA reopened its offer to convert certain subordinated bonds into equity from Dec. 16 to Dec. 21 and extended the offer to retail investors after receiving approval from Italian market regulator Consob.

The offer period initially ran from Nov. 28 to Dec. 2. The bank also intends to carry out a separate swap offer for holders of €1 billion in floating-rate exchangeable FRESH notes due Dec. 30, 2099, which had been initially omitted due to "technical issues."

The conversion forms part of a €5 billion recapitalization plan, which Monte dei Paschi is seeking to complete before the end of 2016 to avoid being wound down, after the ECB declined to give the bank more time to complete the recapitalization.