Ithuba Capital AG („Ithuba Capital“) successfully structured a supplementary capital bond buyback program in form of a reverse Dutch auction for for immigon portfolioabbau ag („immigon“, formerly Österreichische Volksbanken AG) and accompanied its execution as dealer manager. Offers for the participation could be placed for a period of three weeks. The total planned buyback amount of around EUR 55 mln was filled, with an offer participation quota of 96% of nominal volume.
Immigon is a wind-down unit in accordance with section 162 of the Federal Act on the Recovery and Resolution of Banks (BaSAG) and emerged from the split up of Österreichische Volksbanken AG (OeVAG).
Ithuba Capital has advised immigon on six buyback programs with a total compensation amount of EUR 1.64 bn since August 2015.