Germany’s Commerzbank has raised about €5.7 billion through the sale of notes, Reuters reports. The lender has issued the mandatory exchangeable notes at €4.25 each. The proceeds are expected to be used to repay €14.3 billion of state bailout capital. The bank is planning to offer about one billion mandatory exchangeable notes, which would automatically convert into Commerzbank shares on May 6, 2011.

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