Illimity Bonds Fall as Holders Eye Exit After Poor Results
- Italian banking group reported third-quarter results on Friday
- Illimity’s shares have also fallen 39% since the start of 2024
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Bonds of Illimity Bank SpA plunged as creditors to the Italian banking group look to exit following a disappointing set of results.
The subordinated notes due in 2031 lost over 6 cents on the euro — their biggest drop on record — to around 87 on Wednesday afternoon, according to pricing compiled by Bloomberg. Higher-ranked debt also took a hit, with the senior preferred bonds due in 2027 losing over 2 cents to around 99.