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MarketScreener Homepage  >  Equities  >  Xetra  >  Commerzbank AG    CBK   DE000CBK1001

COMMERZBANK AG

(CBK)
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Commerzbank : to raise up to 3 billion euros of capital

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05/26/2020 | 01:17pm EDT
FILE PHOTO: Commerzbank AG annual results news conference in Frankfurt

Commerzbank on Tuesday laid out plans that will allow the German bank to raise up to 3 billion euros (2.7 billion pounds) in capital.

The move makes it one of the first major European banks to announce plans to raise new capital since the onset of the coronavirus pandemic in the region.

Commerzbank, the country's second biggest lender, said it would issue the securities, known additional tier 1 (AT1) bonds, gradually and make a decision on the timing of the first round at a later date.

Bettina Orlopp, Commerzbank's finance chief, said the securities would allow the bank to "respond to the additional business opportunities that have arisen for us in the context of the coronavirus crisis."

AT1 bonds are some of highest risk debt that banks can issue. The bonds, also known as Co-Co bonds or contingent convertibles, are used to meet regulatory requirements and to act as a protective layer that can absorb losses in times of trouble.

They were designed in the wake of the 2008 financial crisis to try to ensure investors, rather than taxpayers, would be on the hook if a bank ran into financial difficulties.

Banks have typically repaid such bonds at the first opportunity and issued new debt to replace them. But analysts believe many lenders will now pass up the chance.

British bank Lloyds was the latest European lender to take this option last week.

(Reporting by Tom Sims and Abhinav Ramnarayan; editing by Emma Thomasson and Jane Merriman)

Stocks mentioned in the article
ChangeLast1st jan.
COMMERZBANK AG -1.10% 4.506 Delayed Quote.-17.51%
LLOYDS BANKING GROUP PLC -0.59% 30.5799 Delayed Quote.-50.85%
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Financials
Sales 2020 8 370 M 9 505 M 9 505 M
Net income 2020 -397 M -451 M -451 M
Net Debt 2020 - - -
P/E ratio 2020 -14,2x
Yield 2020 0,37%
Capitalization 5 699 M 6 450 M 6 472 M
EV / Sales 2019
Capi. / Sales 2020 0,68x
Nbr of Employees 47 897
Free-Float 84,4%
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Technical analysis trends COMMERZBANK AG
Short TermMid-TermLong Term
TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 19
Average target price 4,38 €
Last Close Price 4,55 €
Spread / Highest target 40,6%
Spread / Average Target -3,80%
Spread / Lowest Target -35,2%
EPS Revisions
Managers
NameTitle
Martin Zielke Chairman-Management Board
Stefan Schmittmann Chairman-Supervisory Board
Jörg Hessenmüller Chief Operating Officer
Bettina Orlopp Chief Financial Officer
Uwe Tschäge Deputy Chairman-Supervisory Board
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