Posts tagged 'Bankia'

Grab yourself a super-fast 6-l Alza Space pressure cooker NOW!

Bankia, of course. Why a 13 month deposit is required, we’re not so sure.

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Nuevo Bankia!

Reality at last for the crumpled Spanish savings bank? Maybe. Read more

Bankia, el banco malo

The Spanish bank posted a €4.4bn loss late on Friday night, requiring the Spanish government to inject ‘transitory’ capital “con carácter inmediato” months before a proper, EU-led restructuring and recap plan for the Bankia group is drawn up.

Yes, this bank is still a disaster zone. Read more

#NoEsUnRescateEsUnSaqueo

Trending, rápidamente in Spain on Saturday…

It means “Not a rescue, it’s a looting.” H/T @pdacosta Read more

Moody’s tries to ruin our weekend, would have succeeded were it not already ruined

We already knew we’d have to watch for a Spanish banking bailout request tomorrow.

Now comes Moody’s with a report warning that “recent developments in Spain and Greece could lead to rating reviews and actions on many of the euro area countries” — and offering a generally downbeat if less-than-original assessment of the euro zone’s future in general. Read more

Ay, Bankia, nos reimos para no llorar

Some light relief from Wednesday’s ECB mystery. From Bankia’s web siteRead more

Bankia, Spain, the ECB and a proliferation of “mistakes”

So, Bankia is in trouble and no one seems to know what is going on. First, the FT said that:

A Spanish plan to recapitalise Bankia, the troubled lender, by indirectly tapping the European Central Bank for cash, was bluntly rejected as unacceptable by the ECB, European officials said. Read more

Spain, Bankia and the credibility problem

Spain’s government has been left looking increasingly desperate/reckless/ineffective by its plans to rescue Bankia, as today’s FT describes:

Mr Rajoy and his government are facing growing domestic criticism over repeated errors of strategy and communication, which that have given an impression that Madrid has run out of ideas on how to handle its financial and economic crises. Read more

Bankia in the Sunshine State

A particularly eagle-eyed FT Alphaville reader noticed this when strolling in the heat of Miami Beach:

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Bankia’s influence spreads

After a weekend with lots of Bankia news, the spread between Spanish and German 10-year debt reached new euro-era highs:

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Bankia going GUBU … but what about the rest?

Oh, Bankia” has become a common refrain around these parts and this morning Joseph pointed out a few of the oddities surrounding Spain’s incipient bailout and a similarity or two with Ireland’s.

(What’s Spanish for GUBU again?  H/T Conor Cruise O’Brien and Nomura’s Daragh Quinn). Read more

Entwined, with Bankia

Starring A. Spanish Banker as the Cookie Monster, bank assets as cookies, and Mario Draghi as the Count:

Both: Eat! Count! Eat! Count! Eat! Count! Read more

The capital monster strikes

The final number will exceed the €14bn Bankia needed to meet government-enforced provisions. The €19bn investment is in addition to an earlier €4.5bn government investment in preference shares which was flipped into equity, giving the state a 45 per cent shareholding two weeks ago. Existing investors face being all but diluted out of the bank unless they take up pre-emption rights to buy new shares.

The same number comes from El Mundo, which adds that two capital increases are planned — one for BFA, Bankia’s very messed-up parent, and for Bankia itself. Read more

Bankia suspended… uniquely

Last Friday Bankia gained 23.5 per cent… this Friday it has been suspended (along with its parent company) by its regulator “due to circumstances that may affect the normal share trading”.

The rumours circulating suggest the suspension is due to a request for more than €15bn in state-bailout funds Bankia likely is likely to make when its board meet later on Friday. Read more

Oh, Bankia.

The capital monster listed in July 2011 at €3.75 a share. At pixel time, after a heavy fall during Wednesday trading (on this El Mundo report), the shares are hugging €1.20. Read more

Bankia, en route to partial nationalisation

The Bank of Spain confirmed late on Wednesday that Bankia’s parent company has asked for a state loan to be converted into shares:

Statement on BFA-Bankia Read more

Bankia in the coalmine, looking like a dodo

The Spanish government may be bailing out Bankia by injecting cash in return for contingent convertibles to the tune of some €7-10bn, but many analysts have reacted with something along the lines of: “Haha! That’s cute! They are like ever so slightly less delusional about the trouble their banking sector is in! Adorable!”

Bankia is no canary in a coalmine. It’s more like the first sign that the inevitable support of the banking sector is finally materialising. Indeed, prime minister Mariano Rajoy was quoted saying: ”If it was necessary to reactivate credit, to save the Spanish financial system, I wouldn’t rule out injecting public funds, like all European countries have done,” in an interview with radio station Onda Cero, as reported by the WSJ. Finally playing catch up, are we? Read more

Spain pushes for domestic Bankia merger

Spain’s new government is pressing for Bankia, a group of savings banks listed last year, to seek a merger with another Spanish bank in a deal that would create the country’s largest domestic lender by assets if it materialised, the FT says, citing unnamed bankers in Madrid. The three possible candidates are Santander, BBVA and Caixabank – the country’s biggest institutions. But the first two have remained profitable through the crisis thanks in part to their foreign investments, and their executives are wary of increasing exposure to the moribund domestic property market. The third, Caixabank in Barcelona, denied on Tuesday that it was in discussions with Bankia, in Madrid, over a possible deal. Bankia also said it was not contemplating such a merger. Spain’s economy ministry, responsible for the financial sector, reiterated the government’s call for a fresh round of bank mergers, while declining to comment directly when asked about Bankia.

 

Shelved IPOs worry European bankers

The logjam of initial public offerings is building in Europe, the FT reports, after almost $10bn of flotations were shelved in the first half of the year due to market volatility and investors’ disillusionment with recent listings. Bankers say the real figure of scrapped IPOs is even higher than the statistics suggest, as many companies have had to quietly drop plans after preliminary talks with investors. Spain’s Bankia will on Tuesday announce that it has raised up to €3.3bn from investors in an IPO seen as a crucial step in the reform of the country’s banking system. However, it was forced to deeply discount the share issue. Astraea Capital, a specialist litigation funder, on Monday became the latest European company to scrap plans to go public, announcing it would seek private financing rather than a £100m listing on London’s Alternative Investment Market.

Spanish bank IPOs under threat

The escalation of Europe’s debt crisis is threatening to scupper stock market listings by two Spanish savings banks seen as crucial to the overhaul of Spain’s banking system, says the FT.  Executives from Bankia, Spain’s largest unlisted savings bank, and its smaller rival Banca Cívica, are in the middle of selling €5bn ($7bn) worth of shares in deeply discounted initial public offerings needed to avoid partial nationalisation by the Spanish government. Cívica, which is aiming to raise €844m, delayed its listing by 24 hours, on a day when the difference between Spanish and German government bond yields hit the highest level in the history of the euro. A senior commercial banking executive said that they expected the Bankia IPO to be scrapped by Friday if the volatile market conditions continued as shares in listed Spanish lenders dropped for a second day. However other executives said they believed Spanish institutions would be enough shares to support the process.

 

Spain’s cajas race to list

Two of Spain’s private savings banks have launched deeply discounted stock listings as they race to raise as much as €5bn($7bn) in private funds and avoid partial nationalisation, the FT reports. Bankia, Spain’s largest unlisted savings bank, plans to raise €3bn-€4bn, while its smaller rival, Banca Cívica aims to sell €844m in equity on the Madrid stock exchange. Concerns about caja losses have weighed on Spain’s borrowing costs as investors pondered the impact of the state being forced to rescue the sector and take on the cajas’ liabilities. Of the 45 regional savings banks operating in Spain before the crisis, fewer than 20 remain.

 

Bankia eyes IPO delay over Greece fears

Spain’s Bankia, the country’s biggest high street bank, is looking at delaying its planned flotation until the autumn, the FT says, conscious that its original schedule for a mid-July listing could be blown off-course by European plans for a second restructuring of Greece. Rodrigo Rato, Bankia’s executive chairman, said he was “cautiously optimistic” that ongoing pre-marketing to potential investors would secure backing for a float to raise €3bn-€4bn ($4.3bn-$5.7bn), boosting capital ratios beyond new thresholds due in March 2012. However if market conditions scuppered the plan, he said he would seek to negotiate the March deadline with Spanish regulators.