Bankiaは、優先株式の最初の日に秋の5％を遅く
Bankia slows fall 5% on the first day of the preferred shares
The preferred savers lose 73.6% of their initial investment
CANJE DE PREFERENTES
Bankia frena la caída al 5% en el primer día de las acciones de las preferentes
La acción llega a bajar a 0,475 euros y marca un nuevo mínimo, aunque cierra en 0,57 euros
Los ahorradores con preferentes pierden un 73,6% sobre su inversión inicial
Las claves del proceso de arbitraje
GRÁFICO Así funciona el canje de las preferentes
El País Madrid 28 MAY 2013 - 18:14 CET
EXCHANGE OF PREFERRED
Bankia slows fall 5% on the first day of the preferred shares
The action comes down to 0,475 euros and marks a new low, but closes at 0.57 euros
The preferred savers lose 73.6% of their initial investment
The keys of the arbitration process
GRAPHIC Here's how the exchange of the preferred
The Country Madrid 28 MAY 2013 - 18:14 CET
The landing on the floor of Bankia shares from the exchange of preferred and subordinated debt has allowed savers who once bought these titles recover some of their money, but after suffering heavy losses. For those who have chosen to keep the shares, the average depreciation on investment is 73% at the close of its first trading session. At the end of the day, Bankia has fallen 5% to 0.57 euros, though at first time has come to give up to 18%.
"It closed with a fall much lower than one would have expected," said Daniel Pingarrón, analyst at IG Markets. "Undoubtedly, the collapse of over 50% on Thursday of last week, when large institutional investors could sell short the securities have received today (Monday), has greatly limited the number of sales of the day", has added.
Source: FROB, Bloomberg and own calculations. / COUNTRY
At the gates of the House of Representatives met a group of people affected by the preference. With whistles and shouts have protested what they consider to have been a fraud. "We are all old and have robbed us miserably," said one of them. "We have given papers and do not know what to do with them," lamented one of the women who have come to protest.
more"Not bailed out the bankers but to depositors"The complex process of arbitrationPunishment of Bankia preferredThe CNMV analyzes strange movements of market value
The Government agreed with the European authorities that holders of subordinated debt and preferred to take over part of the bailout of the nationalized entities. First, the Fund for Orderly Bank Restructuring (FROB), under the Ministry of Finance and the Bank of Spain, set the conditions under which it repurchased preferred shares with an important away from face value. After the first adjustment, investors, savers have suffered a kind of second removed because the titles have been changed Bankia shares valued at EUR 1.35266. But that was before his first day on the stock exchange since after the premiere, the titles are changed to 0.57 euros, 57.8% less.
In the case of the issuance of preferred main Bankia in 2009 for 3,000 million losses for savers who have sold this morning ranging from 78% to 73.6%, depending on the time in which it has executed the order. For those who hold the titles, accumulated losses to date against the money initially invested are 73.6%.
This is the result of adding the impact of the initial off, which in this case was 37.32%, the cut in the price that the shares have been against the value of the exchange. As an example, someone who you corresponded 1,000 euros were invested 463 shares (626.8 / 1.35266) that actually, the closing price on Tuesday, worth 264 euros.
Remember that savers who have requested arbitration and to benefit from it, so you have to meet certain preset conditions, it is still possible to recover all the money, even if they have sold the stock from the exchange. Thus, in case of obtaining a favorable decision of the arbitrator, the amount received from the sale of these shares is deducted from the maximum amount payable in accordance with the formula set out in the arbitration agreement. For investors who attended the IPO in July 2011, losses amounted to 99.8% of your investment.
Furthermore, Bankia has again become the most traded on the Spanish stock by titles after enlargement and the arrival of the shares exchanged for preferred stock. Taking into account the total money, however, are in second place behind Santander, which has moved 459 million euros.
At the end they had exchanged 297 million titles Bankia, facing a capital of 11.517 million shares. Of this total, 3.647 million of securities subject before the start of the day to the holders of preferred stock, subordinated debt and the small group of private shareholders who attended the capital. The most active broker with shares in the company and has sold more titles have been Bankia Bolsa, which is responsible for operating with preferentistas actions. This firm has moved almost one of every two shares of the company have changed hands throughout the day. The most buyer, meanwhile, were the brokers of Santander and Sabadell.
Elvira Rodriguez, president of the CNMV, the agency has opened an investigation into the strange movements value suffered last Thursday, when he negotiated double titles at that time were in circulation, has refused to clarify whether it was practical not permitted by law. "It's a complicated investigation and for this we have asked Iberclear-the company that manages the Exchange-you provide all the information about who has moved the shares during these sessions," he said during the Director's Annual Forum, organized by THE COUNTRY, KPMG and IESE, reports David Fernandez.
"If it is discovered that they were naked short sales in this type of trading is banned in Spain, but were able to spend several things," said Rodriguez. As he added, if institutional investors have used the period of three days between surgery is performed and settled formally to sell shares that have not yet physically, this is a strategy that would fall within the rules allowing for short sales in Spain. "We have to break up the operation. See who sold and why and, with that information, whether we have any gaps in the current legislation," he said.
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