The exchange offer, advised by JP Morgan Cazenove, comes after Finance Minister Brian Lenihan vowed to "address the issue" of junior bondholders taking a loss on their investments. This week Michel Barnier, Europe's combative market chief, said that creditors at failing banks would have to accept more of a burden when those banks needed bailing out.
However, bondholders, who complained they were getting a raw deal, said their treatment could have a long term impact on banks' ability to find financing. Before the deal, the subordinated debt was trading at an already low 28c. The Irish government pledged €11.4bn to support Anglo last month on top of the €22.9bn it has already pumped in since seizing the lender in January 2009.
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