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Novo Banco prices €400M tier 2 notes


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Novo Banco prices €400M tier 2 notes

Portugal-based Novo Banco SA priced €400 million of tier 2 subordinated debt, the bank announced June 29.

A total of €258.8 million was raised from bondholders exchanging existing senior debt for the new notes while another 141.2 million was placed through additional new notes.

The offer allowed bondholders to redeem the notes either by exchanging them for cash or with the new Tier 2 bonds it is issuing. The new notes, which carry an annual yield of 8.5%, are expected to be settled July 6.

Novo Banco was created in 2014 to take over the good assets of Banco Espírito Santo SA.