KBC Coco plan catches market by surprise
KBC plans to sell a non-dilutive contingent capital instrument early next year as part of a €2bn capital raise, leaving market participants wondering about the form the security will take.
The Belgian lender said on Monday it planned to sell a 750m contingent capital instrument in the first quarter of 2013. It is accelerating plans to increase its capital ratios by a year and repay state-aid earlier than scheduled. On Monday morning the bank launched a 1.25bn accelerated bookbuild
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