Banco Comercial Portugues starts repurchase offer for covered bonds

By Jennifer Chiou

New York, March 15 - Banco Comercial Portugues, SA announced an offer to repurchase up to €400 million principal amount of the following three series of its covered bonds:

• €1.5 billion of covered bonds due June 22, 2017;

• €1 billion of covered bonds due Oct. 29, 2014; and

• €1 billion of covered bonds due Oct. 8, 2016.

The bonds were originally sold between 2007 and 2009.

According to a press release, the offer is meant to proactively manage the Lisbon-based bank's liabilities and capital structure.

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