Rights issues I: Bank blockbusters head for success
UBS should announce the take-up on its Sfr16bn rights issue today, and will be hoping for a similar success to Royal Bank of Scotland’s £12bn deal, priced on Monday. That was 95.11% subscribed; the rump was privately placed in four hours. UBS surprised markets when it launched its rights issue three weeks ago and increased it from Sfr15bn to Sfr16bn. The rights issue is fully underwritten by JP Morgan, Morgan Stanley, BNP Paribas and Goldman Sachs. Read EuroWeek on Friday for full coverage of both deals.
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