Portugal’s Caixa Geral de Depósitos is offering to buy back for cash up to Eu750m across two covered bonds, July 2014 and December 2016 issues, while Spain’s Cajamar is buying back up to Eu300m of ABS and cédulas.

The Portuguese bank is offering to buy back a Eu1bn 3.625% July 2014 public sector issue at a cash price of 94, and to repurchase at 87 a Eu2.15bn 3.875% December 2016 covered bond. The issuer will not buy back more than Eu750m across the issues, however.

Boosting core tier one capital to meet recent regulatory recommendations and injecting some liquidity into the bonds make up the rationale for the tender offer, according to related documents.

Caixa Banco de Investimento, Deutsche Bank, Morgan Stanley and UBS are joint dealer managers on the tender offer, which expires on 16 March.

A liability management banker involved in the transaction put the market premium on offer for the 2014 issue at 5 points, and at 5.5 points for the 2016 bond. This represents an attractive premium over prevailing secondary market levels, he said, with a premium of 1-2 points on offer taking into account historical trading levels over the past 12 months.

“There’s a clear value incentive for investors,” he said.

He said that participation in the tender offer is expected to be line with that for similar liability management exercises launched over the past two to three months, acknowledging that the acceptance rate (42%) in a National Bank of Greece tender offer was something of an outlier.

NBG’s tender offer, from early January, was the first of what has turned out to be a spate of such transactions, mainly from peripheral issuers. CGD’s is the second from a Portuguese bank. Banco BPI achieved a participation rate of just under 8% for a buyback it completed last month.

Cajamar is aiming to buyback Eu300m across a Eu1.1bn 3.5% 2014 covered bond and 12 tranches of ABS. Pricing will be determined by an unmodified Dutch auction, with a minimum purchase price of 98% set for the October 2014 covered bond. The tender offer expires 14 March. JP Morgan is the dealer manager.