BFA seeks €6.5bn in debt for equity swap
BFA Group, the parent of Spanish bank Bankia, hopes to raise €6.5bn of capital through a debt for equity exchange on Bankia shares, it said on Wednesday. The group was presenting highlights of a strategic plan to return the bank to profit next year.
Preference shares and perpetual and dated subordinated debt are in line for liability management exercises to generate capital.
The prefs are set to be exchanged at 61% of par into Bankia shares although there was no detail on the share price. Undated sub debt will be swapped
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