BCP finishes €1.33bn oversubscribed rights issue to repay government CoCo bonds

Aidan Gregory

February 06, 2017 02:00 pm

BCP_branch_AP_230x150 — A cleaner cleans a dirty window in an office of the BCP Portuguese bank in Lisbon Friday, Oct. 7, 2011. Ratings agency Moody's has downgraded nine Portuguese banks, blaming their exposure to government debt and a weak economic growth outlook. Moody's downgraded Portugal to Ba2, with outlook negative in July. Battling to emerge from recession, the country got a euro78 billion ($103.5 billion) bailout this year.(AP Photo/ Francisco Seco) | Francisco Seco/ASSOCIATED PRESS

Shares in Banco Comercial Português rose as much as 9.3% on Monday after it announced late on Friday the successful completion of its €1.33bn rights issue to strengthen its core tier one capital ratio and finance the redemption of contingent convertible bonds owned by the Portuguese government.

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Topics

JP Morgan Credit Suisse Portugal Equity Bank of America Europe Follow-ons and Rights issues EMEA Goldman Sachs

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Aidan Gregory