UPDATE: Mizuho FG: To Issue Preferred Securities; Amount Undecided
February 13 2009 - 10:47AM
Dow Jones News
Mizuho Financial Group Inc. (8411.TO) said Friday it has decided
to set up a special purpose subsidiary in the Cayman Islands to
issue dollar-denominated, noncumulative, perpetual preferred
securities.
The amount and dividend yields have yet to be decided, the bank
said. Merrill Lynch, Mizuho and UBS are leading the deal and are
expected to begin marketing it to investors next week, one person
familiar with the deal said.
Japan's major banks have been forced to raise money to maintain
their capital bases, and to make up for valuation losses on
securities.
Last week, Mitsubishi UFJ Financial Group Inc. (8306.TO) also
said it has decided to set up a special purpose subsidiary in the
Cayman Islands to issue more non-dilutive preferred shares.
-By Atsuko Fukase, Dow Jones Newswires; 813-5255-2957;
atsuko.fukase@dowjones.com
(Kate Haywood and Kellie Geressy contributed to this
report).