Gerade hat die Commerzbank Vorabmel

Gerade hat die Commerzbank Vorabmeldungen von Insidern bestätigt: Demnach sind 113.850.693 neue Aktien im Wege eines so genannten beschleunigten Bookbuildingverfahrens bei institutionellen Anlegern zu 12,10 Euro je Aktie platziert worden. Nach Angaben des Instituts hat die Commerzbank (Xetra: CBK100 - Nachrichten) damit brutto rund 1,4 Milliarden Euro eingenommen.

Mit dem erfolgreichen Abschluss der am Vortag überraschend angekündigten Kapitalmaßnahme steigt die harte Kernkapitalquote, wie sie Basel III vorgibt, auf 10,2 Prozent. Die Quote misst das Eigenkapital im Verhältnis zu den nach Risiko gewichteten Aktiva. 'Damit wird schneller als geplant das vom Kapitalmarkt mittlerweile geforderte Niveau für die harte Kernkapitalquote erreicht', so die Commerzbank.

Die Leverage-Ratio, die das Verhältnis von Eigenkapital zum Gesamtkapital misst, verbessert sich auf 3,9 Prozent. Die Leverage-Ratio ist im Regelwerk Basel III aufgenommen, dient allerdings bislang nur als 'Beobachtungsgröße' und sollte mindestens drei Prozent betragen.

Durch die Kapitalerhöhung sind bisherige Aktionäre weniger an der Commerzbank beteiligt. Trösten könnte da die Aktionäre eine Sache, die im Trubel um die Aktienplatzierung zunächst völlig untergegangen war: Erstmals seit 2008 bereitet das Institut ernsthaft eine Dividendenzahlung vor. Die entscheidenden Aussagen dazu hat die Bank relativ weit hinten in ihrer Ankündigung zur Kapitalerhöhung versteckt.

Darin steht, wie sich die Kapitalquote inklusive 'einer Dividenden-Abgrenzung in Höhe von 57 Millionen Euro' verbessert hat. Das Geld sei für Aktionäre 'für eine mögliche Dividende' für das kommende Jahr zurückgelegt worden, hieß es in Finanzkreisen. Die Bank wollte die Aussage nicht näher interpretieren. Für die Commerzbank unter Führung von Martin Blessing wäre es die erste Ausschüttung in seiner Amtszeit.

Dass die Bank prinzipiell wieder dazu berechtigt ist, eine Dividende zu zahlen, hatte Blessing bereits im Februar angekündigt. In diesem Jahr verzichtete die Bank jedoch bewusst auf so einen Schritt, weil sie zunächst ihre Kapitalquote verbessern wollte. Mit einer verlässlichen Ankündigung ist eine 'Dividenden-Abgrenzung' allerdings nicht gleichzusetzen. Sie ist eher ein Zeichen des guten Willens.

Monetär gesehen ist die Rücklage bislang auch nur ein Tropfen auf dem heißen Stein. Durch die Kapitalerhöhung ist die Zahl der ausstehenden Commerzbank-Aktien auf sagenhafte 1,25 Milliarden Stück gestiegen - und auch die neuen Aktien sind ab dem kommenden Jahr voll dividendenberechtigt. Momentan käme also auf jede Aktie eine Ausschüttung von 4,5 Cent zu. Die Bank hat aber noch drei Quartale Zeit, um auf diese Summe noch etwas draufzusatteln.

An der Börse verliert die Aktie

Während die Börse die erneute Kapitalaufstockung zunächst negativ quittierte - im Dienstagshandel verlor die Aktie bis zum Mittag mehr als fünf Prozent - zeigte sich Analysten leicht optimistisch. 'Es ist ein Anfang. Aber damit sind sie noch keinesfalls aus dem Schneider', sagte Nick Anderson, Analyst bei der Berenberg Bank in London. Zehn Prozent harte Eigenkapitalquote seien heute der Ausgangswert für eine Bank. Doch sei das Ziel nach oben gerichtet und viele der besseren Banken strebten heute in Richtung auf elf Prozent.

Die Analysten um Matteo Ramenghi bei der UBS (NYSEArca: FBGX - Nachrichten) schrieben in einer Einschätzung, nach der Kapitalerhöhung 'wird sich die Bank wieder im Bereich ihrer Wettbewerber befinden, doch noch immer am unteren Ende dessen, was wir als Benchmark bezeichnen würden.' Die Analysten gehen von einer weiteren Verbesserung der Kapitalpuffer in Richtung auf 10,5 Prozent in diesem Jahr aus.

Schon zum sechsten Mal stärkt Bankenchef Martin Blessing das Kapital der Bank, die im Jahr 2009 mit einer staatlichen Kapitalspritze von 18,2 Milliarden Euro gestützt wurde. Die Bundesrepublik wird an der Kapitalerhöhung nicht teilnehmen, wie eine Sprecherin des Finanzministeriums sagte. Damit sinkt die Staatsbeteiligung an der Bank von rund 17 Prozent auf 15,6 Prozent.

Rückenwind für die Kapitalerhöhung hatten gute Ergebnisse im ersten Quartal gegeben. Der (Shenzhen: 002631.SZ - Nachrichten) Überschuss von 200 Millionen Euro im Vorjahr stieg auf nun 366 Millionen, operativ verdoppelte die Commerzbank ihr Ergebnis im Zeitraum Januar bis März.

Treiber waren zum einen bessere Geschäfte mit Kunden: So kletterten die Erträge um fast ein Viertel auf 2,8 Milliarden Euro. Die Bank profitierte von einem starken Kapitalmarktgeschäft und von anziehenden Aktivitäten der Kunden. Auch die Risikovorsorge konnte die Bank herunterfahren.

Damit machte das Institut auch Belastungen aus der erstmaligen Berücksichtigung der Europäischen Bankenabgabe von rund 150 Millionen Euro und dem Debakel um die österreichische Skandalbank Hypo Alpe Adria wett. Die Commerzbank musste auf ihr Engagement Abschreibungen vornehmen, die sie selbst noch nicht genau bezifferte, von Analysten aber auf 200 Millionen Euro angesetzt werden.

結果 (英文) 1:

Just the Commerzbank confirmed involving insiders: thus are placed 113.850.693 new shares via a so-called accelerated book-building process with institutional investors to 12.10 euros per share. According to the Institute, the Commerzbank has (Xetra: CBK100 - News) taken to gross approximately 1.4 billion euros.With the successful completion of the capital measure surprisingly announced the day before, the hard core capital ratio increases as she pretends Basel III, to 10.2 percent. The ratio measures the equity capital in relation to risk-weighted assets. 'Thus the level now required by the capital market for the hard core capital ratio is achieved faster than planned', so the Commerzbank.The leverage ratio, which measures the ratio of equity to total capital, improving to 3.9 per cent. The leverage ratio is included in the Basel III rules, is so far only as' observation' and should be at least three percent.Due to the capital increase, existing shareholders of less in Commerzbank are involved. Comfort might as a thing that was initially completely sunk into the hustle and bustle to the placement of shares shareholders: for the first time since 2008 the Institute prepared seriously a dividend payment. The Bank has hidden decisive statements to relatively far back in their announcement to the capital increase.It says how the capital ratio including 'a dividend accrual amounting to 57 million euro' has improved. The money was laid back for shareholders 'for a possible dividend' for the coming year, according to financial circles. The Bank wanted to not interpret the statement. For Commerzbank under the leadership of Martin Blessing, it would be the first payout in tenure.That basically back to the Bank is entitled to pay a dividend, blessing had already announced in February. This year the Bank renounced but deliberately as a step, because she wanted to first improve its capital ratio. A 'dividends 'distinction is however cannot be equated with a reliable advertisement. Rather, it is a sign of good will.Monetarily, the reserve is also only a drop in the ocean. Due to the capital increase, the number of outstanding shares of Commerzbank has risen to fabulous 1.25 billion units - and also the new shares carry full dividend rights from next year. Currently, a dividend of 4.5 cents would be so on each share. The Bank has still three quarters to switch something on this sum.The stock loses at the stock exchangeWhile the stock market initially negative acknowledged the new capital increase - in Tuesday trading, the stock lost more than five percent by noon - was slightly optimistic analysts. ' It's a start. But they are by no means off the hook ', said Nick Anderson, analyst at Berenberg Bank in London. Ten percent hard equity ratio be the seed for a Bank today. But that was above target after and many of the better banks sought today toward 11 percent.The analysts to Matteo Ramenghi at UBS (NYSEArca: FBGX - News) wrote in an assessment, after the capital increase 'is the Bank located again in terms of its competitors, yet still at the lower end of what we would describe as a benchmark.' The analysts expect a further improvement of the capital buffer in direction to 10.5 percent this year.Already for the sixth time, Bank Chairman Martin Blessing will strengthen the Bank's capital, which was supported in the year 2009 with a Government injection of capital by EUR 18.2 billion. The Federal Republic will not participate in the capital increase, as a spokesperson for the Ministry of finance said. Thus decreases the State participation in the Bank by about 17 percent to 15.6 percent.Good results had given the tailwind for the capital increase in the first quarter. The (Shenzhen: 002631.SZ - News) surplus of 200 million euros in the previous year rose to now 366 million, surgically doubled their result Commerzbank in the period from January to March.Drivers were a better business with customers: as climbed the income rose by almost a quarter to 2.8 billion euros. The Bank benefited from a strong capital market business and from rising activities of the customers. Also the risk provision could shut down the Bank.Thus, the Institute made up for impact from the initial consideration of the European Bank levy of around 150 million euros and the debacle to the Austrian scandal Bank Hypo Alpe Adria. Commerzbank had to make write-offs on their commitment that itself not exactly put it, are used by analysts to 200 million euros.

結果 (英文) 3:

The Commerzbank ex ante reporting has just confirmed by insiders: that is 113,850,693 new shares through a so-called Accelerated Bookbuilt Offering to institutional investors at 12.10 Euro per share has been placed. According to the institute, Commerzbank (Xetra: CBK100 - Messages) so that gross taken approximately 1.4 billion euros.

With the successful completion of the capital increase announced the day before surprisingly increases the hard core capital ratio, as you Basel III claims, to 10.2 percent. The rate measures the equity in relation to the risk weighted assets. "So that is now faster than planned by the capital market the level required for the hard core capital ratio reached',The Commerzbank.

The Leverage-Ratio , which is the ratio of equity to total capital measures, improved to 3.9 percent. The Leverage-Ratio is included in the regulatory framework Basel III so far, but it is intended only as a 'monitored as an overarching observation variable' and should be at least three percent.

by the capital increase are former stockholders less involved at the Commerzbank.Since the shareholders could comfort one thing, the first in the hustle and bustle to the share placement completely disappeared: For the first time since 2008 the Institute is preparing seriously a dividend payment. The key statements on the Bank has relatively far to the rear in your announcement for the increase in share capital hidden.

it says,As the capital ratio including 'a Dividenden-Abgrenzung in the amount of 57 million euros' has improved. The money was 'for a possible dividend for shareholders' for the coming year have been completed, it was said in financial circles. The Bank wanted to interpret the expression do not closer. For the Commerzbank under the leadership of Martin Blessing it would be the first distribution in his term of office.

That the Bank is entitled to do so again in principle, to pay a dividend, blessing had already announced in February. This year however, the Bank did not consciously as a step, because they first wanted to improve its capital ratio. With a reliable Dividenden-Abgrenzung announcement is a ' ' however, does not mean.It is, rather, a sign of good will.

Monetary reserve seen so far is also the only a drop in the ocean. By the capital increase is the number of outstanding Commerzbank shares rose to an incredible 1.25 billion units - and also the new shares are entitled to dividend as of next year. Each share would therefore currently a distribution of 4,5 Cents. The Bank has three quarters but still time to exaggerate a little on this sum.

on the stock exchange during the stock exchange loses the share

the fresh capital increase negative first acknowledged - the stock lost in Dienstagshandel until noon more than five per cent - was somewhat optimistic analysts. 'It is a beginning.But they are still not out of the woods', said Nick Anderson, an analyst at the Berenberg Bank in London. Ten percent hard equity ratio today are the baseline for a bank. But that the objective upwards and many of the better banks in the direction sought today to eleven percent.

The analysts to Matteo Ramenghi at UBS (NYSEArca:FBGX - news) wrote in an assessment to be made and after the capital increase 'the Bank will again in the field of their competitors, but still at the lower end what we would describe as a benchmark." The analysts expect a further improvement in the direction of the capital to 10.5 percent this year.

As a result, the sixth Bankenchef Martin Blessing strengthens the capital of the Bank, the state in 2009 with a capital injection of 18.2 billion Euro. The Federal Republic of Germany, do not participate in the capital increase, a spokeswoman for the finance ministry said. This reduces the government ownership in the Bank of around 17 percent to 15.6 percent.

Tailwind for the capital increase had had good results in the first quarter. The (Shenzhen: 002631.SZ - news) surplus of 200 million euros in the previous year rose to 366 million now, operationally doubled the Commerzbank your result in the period from January to March.

drivers were better business with customers: climbed to the revenues of almost a quarter to 2,EUR 8 billion. The Bank benefited from a strong capital market business and of rising customer activity. The loan loss provisions could also shut down the Bank.

so, the Institute also charges from the first-time inclusion of the European Bankenabgabe 150 million euro and the debacle over the Austrian Skandalbank Hypo Alpe Adria makes up for that.The Commerzbank had to make writedowns on their commitment that they themselves have not yet quantified, by analysts but to Euro 200 million.