Commerz targets hybrid capital in equity swap
Commerzbank this week launched a debt for equity swap that could generate over €1bn of core tier one capital, in what one investor called a sensible liability management approach amid a rally in prices of hybrid securities.
The German bank announced the exchange on Thursday after releasing its 2011 full year results. Some 3.2bn equivalent of tier ones and tier twos are eligible for the exchange, but the final amount is capped by the value and number of shares the bank can issue from authorised
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