BofA Merrill underwrites $3.5bn Danske capital hike
Dankse Bank on Thursday revealed plans for a Dkr20bn ($3.5bn) rights issue that is being fully underwritten by Bank of America Merrill Lynch. It will launch the issue by the end of April and use the proceeds to repay Dkr24bn of state aid hybrids ahead of Basel III implementation.
BofA Merrill is so far the only underwriter of the deal Danske Bank itself is global co-ordinator, and the two are joint-bookrunners.
Forthcoming regulation includes new capital requirements that allocate a higher value to shareholders equity than to hybrid capital, an approach that is also favoured by the
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