BCP shares tank on €1.3bn rights issue to repay bailout

Portugal Flag 230x150
By Aidan Gregory
10 Jan 2017

Shares in Banco Comercial Português, the Portuguese bank, have fallen 21% since it unveiled plans late on Monday for a €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.

BCP plans to issue 14.2bn new shares, at €0.094 a share, a discount of 38.6% to the theoretical ex-rights price, based on the closing share price on Monday January 9.

The bank’s share price ended Tuesday at a record low of €0.92, down 11%. It fell 8.4% on ...

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