Alpha underlines drop in rights issue fees

23 Oct 2009

The Eu986m capital increase by Greek lender Alpha Bank has extended the downward trend in rights issue underwriting fees. Sub-underwriting fees are falling in reaction.

The syndicate underwriting Alpha’s offer, led by global coordinator JPMorgan, is said to be earning around 2.5%, plus an incentive fee, in line with recent large deals from the financial sector. But for the first time on a larger rights issue in Europe this year underwriters will pay ...

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