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NIBC Bank stepped up its government guaranteed (GG) buyback programme this week with a capped EUR 1bn tender offer for three senior unsecured bonds denominated in euros and dollars. Repurchasing the full amount would leave the bank with EUR 2.3bn of the EUR 6.7bn of GG bonds it issued at the height of the financial crisis in 2009.

NIBC bought back [Euro] 500m of GG bonds last year, taking down [Euro] 250m in two separate exercises in June and October.

"This is a signal of...