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Munich Re shares fall as capital rise speculation grows.
(From Insurance Day)
Byline: Herbert Fromme
SHARES in Munich Re had lost another 14% by late afternoon trading yesterday, following widespread expectation in the market that the company might have to resort to a capital increase in order to satisfy rating agencies.
Since Thursday, when it reported disappointing 2002 figures, the shares have lost 35% of their value. Munich Re, which denies that it has any plans for a rights issue, will start a roadshow for a bond issue today.
The company does not give details on volume and interest rate, arguing that it is going to test the market for the first time. The bond will probably be split into different tranches in different currencies, and will run ...
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