STOCKHOLM -- Den Norske Bank, Norway's biggest, has completed a massive recapitalization program by placing $150 million of subordinated notes with international investors.

Five offerings were launched in the past month, culminating in a $50 million Eurodollar issue. "The success of our bond offerings is a sign of acceptance," said the bank's chief executive, Finn Hvistendahl. A recent domestic equity offering flopped, however.

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