Preliminary subscriptions to the exchange offer of Carige's subordinated securities amount to 455,2 million euros out of 510 million securities exchanged, totaling approximately 89% of the offer. This was communicated by the bank, indicating that in detail the 'Lower Tier II' 2018 of 100 million registered subscriptions equal to 99,4%, the 'Lower Tier II' 2020 5,7% of 50 million subscriptions equal to 100%, the Lower Tier II' 2020 7,321% from 200 million subscriptions equal to 79,17% and the 'Perpetual Tier I Junior Subordinated' 2018 from 160 million subscriptions equal to 92,19%.
Considering that the exchange offers also contain favorable voting instructions for the bondholders' meetings to be held on 21 October 2 pursuant to the consent solicitation, "we believe - indicates the institute in a note - that the assemblies will reach the constitutive quorum and the relative extraordinary resolutions will be approved in each meeting on first call". The regulation of the liability management operation remains subordinate to the successful conclusion of the capital increase which will be launched by the bank in November 2017 following the obtaining of the relative authorizations from Consob.
The Carige stock literally soars at the opening of the session in Piazza Affari, in a day that started sluggishly for the Milanese list: Banca Carige starts by gaining almost 5% to 0,2442 euros per share.
