Banco Sabadell tops up capital for Eu400m sub-debt tender

Banco de Sabadell completed a 10% capital increase on Tuesday morning and launched a liability management exercise aimed at using the cash proceeds to buy back subordinated debt. The capital raise/LM combination was used by Commerzbank three weeks ago, though lead manager UBS’s mandate for the Spanish bank predated that transaction and other banks are said to be planning similar deals.