The Irish government’s determination for bondholders to share the pain of its banking system’s collapse has set the scene for a bruising battle with the holders of €2 billion of Anglo Irish subordinated, lower tier two debt.
They’re being asked to participate in an exchange that will pay them 20% of the face value of their bonds and, should the tender get approval from 75% of bondholders, dissenting investors stand to get just 1 cent back.
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