Commerzbank sells £5bn notes

Commerzbank sold convertible notes worth €5.7bn (£5bn) yesterday in the first of two steps to raise money to repay a state bailout. Germany’s second biggest lender sold the mandatory exchangeable notes (CoMEN) at €4.25 apiece, it said. Commerzbank plans to issue up to roughly one billion mandatory exchangeable notes, which would automatically convert into shares after its annual general meeting on 6 May.