UniCredit’s board has approved the renegotiation of convertible bonds, The Wall Street Journal reports. The €3 billion Convertible and Subordinated Hybrid Equity-Linked Securities, which were issued in February 2009, will be linked to the performance of the bank and its earnings.
The bank is seeking to strengthen its capital ratio and may count them as common equity under Basel III accounting rules. UniCredit has not offered a rights issue to strengthen its capital ratios.
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