Wednesday, 1 April 2009

Another failure to call

From the FT:
Mizuho Financial, Japan’s second largest bank, has opted not to repay a $1.5bn junior security at the first opportunity, adding to the list of [4] institutions globally that have not repaid similar debt and potentially aggravating some of its investors.
The instruments are perpetual subordinated bonds with calls and no-steps, paying 8.375%. This will further spook Tier 2 and hybrid Tier 1 investors.



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