BCP starts tier two exchange offer
![bcp Lisbon, Portugal, branch of a Millennium](https://assets.euromoneydigital.com/dims4/default/d30ad4d/2147483647/strip/true/crop/5350x3567+0+0/resize/840x560!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2Fb2%2Fa2%2Fc2f001c24d649dc15fa22bec68c8%2Fgnt3cm-1.jpg)
Portuguese bank will not call €300m subordinated bond and instead will try to swap it for a new deal of at least €125m
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