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Anglo Irish Offers Investors 20 Cents in Debt Swap

Anglo Irish Bank Corp. offered to exchange 1.6 billion euros ($2.2 billion) of subordinated debt for new bonds at a rate of 20 cents on the euro as the nationalized lender seeks to generate capital.

Anglo Irish will offer bondholders that don’t take up the exchange 1 cent per 1,000-euro face amount to redeem their floating-rate lower Tier 2 notes due 2014, 2016 and 2017, the Dublin-based lender said in a statement today. The new securities will be due 2011 and guaranteed by the government.