Unicredit, a multinational bank, had a rights issue in January 2012. Assisted by a consortium of banks including BofA Merrill Lynch and Mediobanca, Unicredit sold 3.86 billion shares at €1.943 each, thereby raising a total of €7.5 billion. At the end of the first day of trading, the shares sold for €2.29 per share. Based on the end-of-day numbers, Unicredit shares were apparently underpriced by about 15 per cent each, meaning that the company missed out on an additional €1.34 billion. Should Unicredit be upset at BofA Merrill Lynch over the underpricing?