UBI Banca rights issue, Unicaja IPO show funds open to south Europe banks

By Jon Hay
03 Jul 2017

UBI Banca, the Italian bank, completed its €400m rights issue on Friday June 30, when the tiny rump of 6.7m rights, not subscribed for during the subscription period, were all sold on the stockmarket in the first few minutes they were offered.

UBI was bringing the deal to restore its common equity tier one capital ratio after it bought three insolvent banks bailed out by the National Resolution Fund in 2015.

“It was a roaring success — a great trade,” said a banker on the deal.

Credit Suisse (global coordinator), Banco ...

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