Monte Paschi mulling bond conversion to pare cash call

August 30, 2016 4:43 PM

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Monte Paschi mulling bond conversion to pare cash call

MILAN Italy's troubled lender Monte dei Paschi di Siena (BMPS.MI) is mulling converting subordinated debt into equity to pare back a planned five billion euro ($5.6 billion) capital increase and make it more palatable for investors, three sources familiar with the matter said on Tuesday.

"The idea is to reduce the size of the capital hike to around 3 billion euros," one of the sources said.

Also read: Swiss to issue bonds with face value of just over 4 bln Sfr in 2017

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