Commerz goes all the way

05 Apr 2011

Commerzbank has spent many months contemplating the best way to jettison Eu16.2bn of silent participation capital provided by SoFFin. But on Wednesday it moved decisively to repay 90% of the funds through a single transaction instead of taking a piecemeal approach.

It launched an Eu8.25bn deal, split into two steps, that will allow it to rid itself of Eu14.3bn of the non-Basel III compliant SoFFin instruments and boost its equity tier one ratio from as little as 4.3% to a more comfortable 8%.

Step one of the deal will involve ...

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