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Spain's BBVA to issue up to 3.48 bln euros in convertibles
BBVA, Spain's second largest bank, is to issue up to 3.475 billion euros of convertible bonds, it said on Tuesday in a note to the Madrid stock market regulator.
The yield on the bonds will be 6.5 percent and the bonds are expected to convert 50 percent of their value into ordinary shares on June 30 2012.
The European Banking Authority said in October BBVA would need 7.1 billion euros of additional capital to meet the terms of new recapitalisation proposals for the region. Spanish banks are able to count convertible bonds under their recapitalisation plans.
Latest News & Stories
- Valencia town votes against fiestas with bulls at local referendum
- Ministry had warned of suicide risk in cell where British tourist died
- Government not ruling out further counter-terrorism measures
- Spanish retailers cheer signs of Christmas recovery
- Spanish economic growth improved from Q3 in October
- Spain's trade deficit falls by 1.1% up to Sept
- Spains road accident death toll already past 1,000 victims in 2015
- Three babies die of whooping cough in Spain within two months
- Guardia Civil divers and sniffer dogs search river for missing Scot
- Suspected Paris Attacks Organiser Recruited Spaniards Online