スペインのLiber Bancは、優先株式を交換することにより株式上場
Liberbank saldrá a Bolsa el 16 de mayo canjeando preferentes por acciones
La entidad tuvo pérdidas por valor de 1.622 millones de euros de enero a septiembre de 2012
La CNMV advierte que los que vendan los nuevos títulos inmediatamente tendrán pérdidas
El banco, que ha recibido ayudas del FROB, pretende emitir 1.200 millones de euros en valores
Thiago Ferrer Morini Madrid 13 MAR 2013 - 17:58 CET
Liberbank bag goes on May 16 by exchanging preferred shares
The company had losses of 1,622 million euros from January to September 2012
The CNMV warns that those who sell the new securities immediately take losses
The bank, which has received aid from the FROB, plans to issue 1,200 million euros in securities
Thiago Ferrer Morini Madrid 13 MAR 2013 - 17:58 CET
Liberbank bag goes on May 16. The CNMV has approved the prospectus for which the entity resulting from the merger of Cajastur-CCM, Caja de Extremadura and Caja Cantabria propose to holders of a total of five issues of senior and subordinated, issued by the former members of savings entity, swap their bonds for shares of Liberbank, to a value of 1.11 euros each. Are these titles which the entity can be traded calls on the Spanish stock. The maximum amount of the issue of shares is 776 million euros. As part of the booklet, Liberbank has announced that in the first nine months of 2012 had losses amounting to 1,622 million euros.
Impairment of financial assets of the entity, the amount of 1,849 million euros, made operating losses from 1 January to 30 September 2012 were 1.625 million. In the first nine months of 2011, the company earned 213 million euros, while operating profit was 342 million. The percentage of high quality assets (tier 1) is 5.01%, even after the transfer in February of 2,917 million euros in toxic assets to Sareb, the bad bank. The entity now has until 2018 to raise that amount to 7%, according to international requirements. The default rate was 19.7% Liberbank September 30 last year, surpassing the 14.1% of the same date in 2011 and above the Spanish average, which was 11% at the end of last year .
Although some holders may receive the full face value in shares (according to the assessment made by the FROB Liberbank titles), others may have lost up to 39% of nominal. That's why the CNMV has forced the company to include a warning to investors: if they accept the swap and sell the shares immediately, can leak. As assessed by the FROB, in all cases the offered shares are worth more than the hybrids on the market, although the CNMV also warns when the entity comes to trading, the value of shares can go down.
For hybrid holders of 13 other emissions (primarily institutional investors), the bank offers two alternatives: redeem for a figure "reasonable" actions (which can cause losses of up to 43% on the nominal value) or receive up to 80% of the nominal value "mandatory convertible subordinated bonds," which Liberbank can (or should, in certain cases), convert into shares if they need liquidity. The bond issue will be worth 424 million euros. Other entities, such Caixabank, and used these obligations in their own preferred swaps. In the first mandatory conversion, last November, the holders of such obligations of the Catalan club made a loss of 47%.
In any case, the CNMV warns: if more than 10% of the holders of hybrid refuses to participate in the trade until 31 March, the same conditions prevail FROB, which may involve a haircut on the face value of the titles. Liberbank output to Bag is one of the main conditions of European aid to the company, along with territorial concentration and disinvestment in industrial and real estate values.
同社は1月から2012年9月に1622万ユーロの損失を持っていた
CNMVは、新規の証券を販売する人たちはすぐに損失を取ると警告している
FROBから援助を受けている銀行は、有価証券に1200万ユーロを発行する予定
チアゴ·フェレールモリーニマドリード13 MAR 2013 - 午後05時58分CET
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