Anglo offers to buy back $4.6bn debt - The Irish Times - Wed, Jul 22, 2009
All these numbers!!! What does it all mean?!! Where will it all end?!!Nationalised lender Anglo Irish Bank said today it wants to buy back $4.6 billion of subordinated debt as it seeks to boost capital.
The bank has offered bondholders between 27 per cent and 55 per cent of face value to redeem tier 1 and tier 2 securities.
Anglo Irish, which is grappling with a surge in loan losses, said July 9th it may halt interest payments on some Tier 1 securities as part of conditions set by the European Commission when it approved a €3 billion capital injection by the government.
The bank, which reported a first-half loss of €3.77 billion, said in May it faces writedowns of €7.5 billion on loans in the three years through September 2011.