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Spain's BBVA to issue up to 3.48 bln euros in convertibles

Source: Reuters - Wed 23rd Nov 2011

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.