Lecta prices opportunistic buyback tightly, reaping few bonds.

The article reports on the high-yield bond buyback closed by the paper manufacturer Lecta after the buyback of Daily Mail and General Trust in December 2011, which retrieved fewer bonds than the maximum target. It says that Lecta did not want to overpay and had no pressing need to buy back the debt. According to a banker close to the transaction, the deal was purely opportunistic.