BBVA safe as sovereigns suffer

BBVA revealed a 98.2% take-up among its own domestic clients, representing 31% of shares outstanding, for its Eu5.1bn rights issue on Friday ahead of the full deal results due towards the end of the week. The stock was hit hard by peripheral eurozone sovereign debt concerns again on Monday, falling close to 4% to Eu7.94 a share, but remains well above the rights price of Eu6.75 with indications already due from all investors.