‘Innovative’ Bankia buys back €1.4bn of RMBS
Bankia’s buyback of RMBS bonds across 17 tranches enjoyed a higher level of investor participation than some bankers expected. The Spanish bank, which was formed in 2010 out of a combination of seven savings banks, decided to purchase €1.37bn of bonds, exceeding its €1bn target.
Investors submitted 2.38bn of offers across all tranches at or above the minimum purchase price, equating to 25% of outstanding bonds. Bankia accepted 1.37bn of the offers, which, at 15%, is in line with Spanish and Portuguese buybacks over the past year.
"This was a good result," said
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