Clawback key to Erste rights issue

By Andrew Griffin
04 Jul 2013

Erste Group Bank completed a €660m pre-placement on Tuesday morning in a deal that is subject to up to 50% claw-back and which set the pricing terms for its rights offer to shareholders.

At-market rights issue structures aren’t uncommon but bankers involved said that few have such a high level of potential clawback over such a long period. For the Erste deal, that meant that buyers of the shares were effectively writing a 20 day put option to rights holders.

Erste ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

Oops, something went wrong

We're sorry but at the moment we can't load this data