Bankia : Focus Emission
After the success of its € 500m Tier 2 issue last March (the first since 2014), which attracted strong demand with a book totalling € 5.2bn, Bankia is launching its first AT1 issue.The objective is to fill its AT1 bucket and hence improve its distance to regulatory requirements. At current RWA, Bankia needs to issue € 1.4bn of AT1 instruments. The bank is likely to tap the market in two phases, with a first issue this week of around € 750m. This euro issue has the classic characteristics of Spanish banks’ AT1: a low trigger at 5.125% and a conversion into shares. The first call date will be in five or seven years.>Bankia is a financial institution based in Spain. Co. is primarily engaged in operations in the banking sector. Co.'s business operations are structured into seven areas: Retail Banking, Business Banking, Private Banking, Asset Management and Bancassurance, Capital Markets and Holdings. Co. offers financial products and services to various customer segments, such as individuals, small and medium enterprises, large corporations, as well as public and private institutions. As of Dec 31 2014, Co. had total assets and total customer deposits of Euro233,648,603,000 and Euro106,806,698,000 respectively.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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