Caja Laboral Popular is buying back Eu331.3m of two multi-cédulas, it said today (Friday), more than the Eu200m it said it was targeting on Wednesday of last week, although it did not buy back any of another multi-cédulas included in the exercise.

The Spanish co-operative said on April 18 that it was targeting Eu450m of covered bond and asset backed securities in its buyback, arranged by BBVA.

Caja Laboral is buying back Eu275.3m of IM Cédulas 2 at a cash price of 98 and Eu56m of IM Cédulas 3 at 97. It is not buying back any of InterMoney Master Cédulas, which was also included in the exercise.

A CNMV filing on the results of the tender offer can be found here.