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 ...

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