Bankinter joins Spanish mandatory CB crew
Bankinter became the latest of Spain’s smaller banks to turn to a mandatory convertible bond to meet new, stricter capital requirements set by the Bank of Spain. It will offer a Eu100m-Eu175m tranche in an exchange offer to preference share investors and a Eu225m-Eu306m tranche will be offered with pre-emption rights to shareholders, and then in further subscription rounds to other investors.
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