While I realise that the big Spanish banks may be stronger than the cajas (eg Bankia), it is worthwhile to keep one's eyes on the performance of listed Spanish banks. They may provide shorting opportunities, especially if capital raisings are required. The results of the Eurogroup's stress tests should be published on Friday 15 July. http://europa.eu/press_room/index_en.htm SAN, BBVA, POP, SAB, BKT, BTO, PAS Quotes: http://finance.yahoo.com/q/cq?d=v1&s=san.mc,bbva.mc,pop.mc,sab.mc,bkt.mc,bto.mc,pas.mc Charts: http://finance.yahoo.com/q/bc?s=san.mc,bbva.mc,pop.mc,sab.mc,bkt.mc,bto.mc,pas.mc USA symbols: STD and BBVA Bloomberg link for Santander: http://www.bloomberg.com/apps/quote?ticker=SAN:SM
http://en.wikipedia.org/wiki/Bankia Bankia looking to do an IPO. http://www.reuters.com/article/2011/07/15/bankia-ipo-idUSL6E7IF1KS20110715 Value of offering = 4.6 billion EUR 40% institutional 60% retail range 4.41 EUR to 5.05 EUR Bloomberg TV reporting now that offering price is going to drop to 3.75 EUR
"DEALWATCH: Bankia IPO Pressured By Stress Tests, Market Worries" http://online.wsj.com/article/BT-CO-20110712-703401.html Bankia is offering up to 907 million shares at a price of between EUR4.41 and EUR5.05 each, to raise between EUR4 billion and EUR4.5 billion. It plans to sell 60% of the stock to retail investors in Spain, and the rest to Spanish and foreign institutional investors. The offer price represents a roughly 50% discount to its book value. Bankia is raising the capital in an effort to boost its Tier 1 capital ratio to around 10.1%, from 7.63% now.
Also Banca Civica planning an IPO http://online.wsj.com/article/BT-CO-20110712-706709.html "Banca Civica Delays IPO By A Day; Deal To Price July 19" http://en.wikipedia.org/wiki/Caja_Navarra
As we know, Banco Pastor http://www.bloomberg.com/apps/quote?ticker=PAS:SM failed the stress test, so it is on my shortlist for Spanish bank stocks to short. http://www.zerohedge.com/article/so...and-political-error-can-trigger-freeze-money- http://d1.scribdassets.com/ScribdViewer.swf#!flashvars#document_id=60220810&access_key=key-20ykz91kexw1efuffxro&page=1&viewMode=list http://www.zerohedge.com/sites/default/files/images/user5/imageroot/draghi/CDS vs Tier 1.jpg The above three links contain a SocGen report about European banks. Looking in the top-left corner of the chart, other Spanish short candidates include Sabadell (SAB) and BankInter (BKT) and Popular (POP) Yahoo uses a .MC suffix Bloomberg uses a :SM suffix http://www.bloomberg.com/apps/quote?ticker=PAS:SM http://finance.yahoo.com/q?s=PAS.MC
"Bankia Cuts IPO Price by 26% to Woo Investors" http://www.bloomberg.com/news/2011-...2-less-than-peers-amid-spain-debt-crisis.html The bank is now offering shares at 3.75 euros each, seeking to raise 3.1 billion euros ($4.4 billion), according to a term sheet obtained by Bloomberg News. Bankia originally planned to sell shares at 4.41 euros to 5.05 euros apiece. Managers for the IPO have orders for all shares on sale at the reduced price, excluding the overallotment option, according to the term sheet. Civica Offering Civica, formed from the combination of another four Spanish savings banks, is seeking to raise as much as 844 million euros in an IPO. The lender, also in Madrid, is priced at 0.4 times to 0.52 times its estimated book value, according to two people directly involved in the transaction. The bank decided to delay the pricing date by one day to July 19 to see the result of Bankiaâs IPO, said one of the people, who declined to be named because the process is private.
Bankia: http://www.bloomberg.com/apps/quote?ticker=BKIA:SM Civica article: http://www.bloomberg.com/news/2011-...00-million-euros-in-ipo-following-bankia.html Banca Civica SA, the lender formed from the merger of four Spanish savings banks, raised about 600 million euros ($849 million) in its initial public offering, pricing its shares at the bottom of the marketed range. Civica sold 222 million shares at 2.70 euros apiece, according to a statement yesterday. The Madrid-based bank originally planned to sell stock at as much as 3.80 euros. The lender has an option to sell another 12 percent of the shares given sufficient demand.
[updating post with link to Bloomberg page for Civica, and providing BCIV symbol] Bankia: http://www.bloomberg.com/apps/quote?ticker=BKIA:SM Civica: http://www.bloomberg.com/apps/quote?ticker=BCIV:SM http://www.bloomberg.com/news/2011-...00-million-euros-in-ipo-following-bankia.html Banca Civica SA, the lender formed from the merger of four Spanish savings banks, raised about 600 million euros ($849 million) in its initial public offering, pricing its shares at the bottom of the marketed range. Civica sold 222 million shares at 2.70 euros apiece, according to a statement yesterday. The Madrid-based bank originally planned to sell stock at as much as 3.80 euros. The lender has an option to sell another 12 percent of the shares given sufficient demand.