Clawback key to Erste rights issue
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: firstname.lastname@example.org