Spain triggers Mare Nostrum convertible on capital deficit

21 Jan 2013

The Bank of Spain has triggered the switch of a Banco Mare Nostrum convertible bond into equity as part of a recapitalisation and restructuring plan that also encompasses a subordinated debt liability management exercise.

A €250m three year pre-IPO convertible bond that BMN sold in November 2011 is set to be switched into equity after the central bank triggered the move, the bank said as it unveiled details of its restructuring ...

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