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Spain's Bankia, Civica to pass stress tests

Source: Reutes - Thu 14th Jul 2011

Spanish savings banks Bankia and Banca Civica, both about to close initial public offerings, will pass European stress tests to be published on Friday, Newspaper ABC reported on Thursday citing sources.

The success of the two offerings is seen as key for the credibility of Spain's banking sector restructuring after a property boom ended, leaving many Spaniards struggling to pay their debts and banks short of capital.

Both Bankia and Banca Civica are offering steeply discounted prices to investors in IPOs due to see their shares debut next week, although the response for Bankia so far has been tepid.

Bankia, Spain's third biggest bank, set the maximum retail price for its IPO at 5.05 euros per share on Tuesday, the top end of the indicative price range of 4.41-5.05 euros, but the bank has yet to fully cover the retail tranche.

Civica also set its maximum retail price for its IPO on Tuesday at 3.8 euros per share, the top end of the indicative price range of 2.7-3.8 euros per share. But, conversely, demand for its retail tranche was 2.05 times oversubscribed.

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