Monte Paschi Says 1 Billion Euros of Bonds May Be Swapped

Updated on
  • Bondholders need to agree to debt exchange before equity raise
  • Swap is first step in bank’s 5 billion-euro rescue plan

It's Crunch Time for Monte Paschi

Banca Monte dei Paschi di Siena SpA says it expects holders of junior bonds to swap about a quarter of available notes for equity in the first crucial stage of its 5 billion-euro ($5.3 billion) rescue plan.

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