m22au's journal

29 May
"Banco Popular’s Co-Co Bonds Plunge as Balance Sheet Chaos Revealed in Potential Forced Sale"
http://wolfstreet.com/2017/05/29/banco-popular-co-co-bonds-plunge-balance-sheet-chaos-forced-sale/

12 May
"Hit by Run on Deposits, Banco Popular Denies it’s Looking for Rushed Takeover to Avert Collapse"
http://wolfstreet.com/2017/05/12/ru...ain-denies-rushed-takeover-to-avert-collapse/

Some related articles:

http://www.eleconomista.es/mercados...rtos-va-desde-los-15-hasta-los-025-euros.html

http://www.expansion.com/empresas/banca/2017/05/25/5925e620ca474184048b4601.html

http://www.expansion.com/empresas/banca/2017/05/26/5927c32b268e3e4b608b4607.html

https://translate.google.com/

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Today - Wednesday 31 May, POP down 5.5% to 0.614 (Tuesday 30 May close was 0.650).

POP 52-week low 0.595

POP self-imposed deadline for bids is (Sat) 10 June

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m22au said:
"Popular Shares Fall to Record Low on Doubts Over Rescue Options"
https://www.bloomberg.com/news/arti...l-to-record-low-on-doubts-over-rescue-options

500 million of 11.5% bonds callable in Oct 2018 down 5.87 cents to 55.5. 8.25% notes down 2.34 cents to 50.29.

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More...

Santander bought POP for 1 EUR. (Not 1 EUR per share, but 1 EUR total consideration).

https://srb.europa.eu/en/node/315
https://srb.europa.eu/sites/srbsite/files/note_summarising_effects_07062017_5.pdf

It's unclear whether the common shares were wiped out to (exactly) zero, or whether shareholders will share in the 1 EUR consideration.

However with approximately 4.197 billion shares outstanding as at Monday 5 June 2017,
https://www.bloomberg.com/quote/POP:SM
that 1 EUR consideration would be worth a tiny fraction of a cent for each shareholder.

Bloomberg article:
https://www.bloomberg.com/news/arti...taken-over-by-santander-after-eu-sees-failure

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