Banca Marche Bonds Plunge After Failure to Repay $2 Billion Loan
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Bonds of Banca delle Marche SpA dropped to records after the lender failed to repay a 1.8 billion-euro ($2 billion) loan to Credito Fondiario SpA.
The bank’s 180 million euros of floating-rate bonds due June 2017 fell by 12 cents on the euro to 34 cents on the euro after earlier plunging by half to a record 23 cents, data compiled by Bloomberg show. The company saw 120 million euros of subordinated notes due June 2016 slumped 11 cents on the euro to 36 cents.