Deutsche Bank and Dresdner Kleinwort Wasserstein (DrKW) have completed the rights issue for United Utilities which the UK water and electricity company chose to launch without any underwriting.

The last large deal that was not underwritten was in 2001 when BT, the UK telecoms operator, completed a record-breaking £5.3bn (€7.6bn) rights issue, in which shares were sold at a discount of 47%.