Shares in French investment bank Natixis recovered after a 14% fall in early trading as the underwriters of its â¬3.7bn ($5.4bn) rights issue began offloading the small rump of unsubscribed shares via an accelerated bookbuild process after a "rollercoaster" five days in the market last week.
A source at one of the underwriting banks said that the two days before the close of the rights issue last Thursday were "horrendous" as institutions waited until the last minute to decide whether or not to subscribe, but in the end the deal was completed with 97% take up by shareholders.