Mitsubishi UFJ Financial Group, Japan’s biggest bank, said it will raise nearly $1bn by issuing preferred securities, its latest step to shore up its battered capital base, reports Reuters. MUFG said it will issue Y97.4bn ($1bn) worth of the securities, which are not convertible to common stock and carry dividends of under 5%. The issue will put the bank’s total fundraising at about Y1,300bn since last year, which includes new stock and a subordinated loan.

This entry was posted by Gwen Robinson on Friday, March 13th, 2009 at 4:53 and is filed under Capital markets. Tagged with MUFG. Edit this entry.