Popolare begins Eu2bn offer

Italy’s Banco Popolare launched its long-awaited Eu2bn rights issue on Wednesday evening after the company’s board signed-off on the terms. The bank will offer seven new shares for each five shares or convertible bonds held, at Eu1.77 each. That’s a 29% discount to the theoretical ex-rights price of Eu2.492.

  • 13 Jan 2011

Popolare revealed plans for the deal at the end of October but the path to issuance included a December EGM, making January the earliest practical launch date.

The capital raise was designed to let it repay Eu1.45bn of Italian government-injected core tier one capital — Tremonti bonds — and ...

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 102,994.82 409 8.29%
2 Citi 96,697.47 362 7.78%
3 Barclays 82,826.79 294 6.66%
4 Bank of America Merrill Lynch 82,541.75 313 6.64%
5 HSBC 66,026.80 322 5.31%

Bookrunners of All Syndicated Loans EMEA

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1 Bank of America Merrill Lynch 8,946.93 17 9.40%
2 Deutsche Bank 6,056.30 15 6.36%
3 Commerzbank Group 5,474.20 22 5.75%
4 BNP Paribas 5,160.94 25 5.42%
5 UniCredit 4,424.51 19 4.65%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 2,328.59 11 11.03%
2 Morgan Stanley 2,133.75 13 10.11%
3 Bank of America Merrill Lynch 1,598.67 7 7.57%
4 JPMorgan 1,546.03 8 7.33%
5 UBS 1,229.93 7 5.83%