AIB sub debt holders in legal quandary over exchange offer

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Out of luck: AIB bondholders

Friday the 13th was especially unlucky for investors in subordinated bonds issued by Irish banks, as the government pushed on with its subordinated liability order (SLO) programme, designed to force losses onto private creditors rather than dip again into its own depleted coffers.

Having previously imposed haircuts on sub-debt investors in Anglo Irish Bank and Irish Nationwide, now is the turn of bondholders in Allied Irish Bank (AIB), 93% owned by the Irish state, to fall into line and accept a

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