Feb 17, 2012
- Hugh Leask
Bank of Scotland Closes Candide Buy-Back
The Bank of Scotland has completed the tender offer for bonds in its Candide Financing 2005 and 2006-1 Dutch residential mortgage-backed securitizations. The Lloyds Banking Group retail mortgage subsidiary pledged to buy back bonds in the two deals at par in a tender offer kicked off at the start of February (SI, 2/2).
The tender offer, which closed Thursday, saw EUR1.22 billion ($1.6 billion) worth of notes from the EUR1.39 billion ($1.82 billion) senior class A tranche in Candide 2005 successfully tendered by the issuer. Meanwhile, in Candide 2006’s senior class A2 tranche, almost EUR345 million ($454 million) out of the total tranche of EUR395 million ($519.9 million) was bought back, while the deal’s EUR1.12....