Spanish bank stocks

M

m22au

While I realise that the big Spanish banks may be stronger than the cajas (eg Bankia), it is worthwhile to keep one's eyes on the performance of listed Spanish banks. They may provide shorting opportunities, especially if capital raisings are required.

The results of the Eurogroup's stress tests should be published on Friday 15 July.
http://europa.eu/press_room/index_en.htm

SAN, BBVA, POP, SAB, BKT, BTO, PAS

Quotes:
http://finance.yahoo.com/q/cq?d=v1&s=san.mc,bbva.mc,pop.mc,sab.mc,bkt.mc,bto.mc,pas.mc

Charts:
http://finance.yahoo.com/q/bc?s=san.mc,bbva.mc,pop.mc,sab.mc,bkt.mc,bto.mc,pas.mc

USA symbols:
STD and BBVA

Bloomberg link for Santander:
http://www.bloomberg.com/apps/quote?ticker=SAN:SM
 
"DEALWATCH: Bankia IPO Pressured By Stress Tests, Market Worries"

http://online.wsj.com/article/BT-CO-20110712-703401.html

Bankia is offering up to 907 million shares at a price of between EUR4.41 and EUR5.05 each, to raise between EUR4 billion and EUR4.5 billion. It plans to sell 60% of the stock to retail investors in Spain, and the rest to Spanish and foreign institutional investors.

The offer price represents a roughly 50% discount to its book value. Bankia is raising the capital in an effort to boost its Tier 1 capital ratio to around 10.1%, from 7.63% now.
 
As we know, Banco Pastor
http://www.bloomberg.com/apps/quote?ticker=PAS:SM

failed the stress test, so it is on my shortlist for Spanish bank stocks to short.

http://www.zerohedge.com/article/so...and-political-error-can-trigger-freeze-money-

http://d1.scribdassets.com/ScribdViewer.swf#!flashvars#document_id=60220810&access_key=key-20ykz91kexw1efuffxro&page=1&viewMode=list

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/draghi/CDS vs Tier 1.jpg

The above three links contain a SocGen report about European banks.

Looking in the top-left corner of the chart, other Spanish short candidates include

Sabadell (SAB) and BankInter (BKT) and Popular (POP)

Yahoo uses a .MC suffix
Bloomberg uses a :SM suffix

http://www.bloomberg.com/apps/quote?ticker=PAS:SM
http://finance.yahoo.com/q?s=PAS.MC
 
"Bankia Cuts IPO Price by 26% to Woo Investors"

http://www.bloomberg.com/news/2011-...2-less-than-peers-amid-spain-debt-crisis.html

The bank is now offering shares at 3.75 euros each, seeking to raise 3.1 billion euros ($4.4 billion), according to a term sheet obtained by Bloomberg News. Bankia originally planned to sell shares at 4.41 euros to 5.05 euros apiece. Managers for the IPO have orders for all shares on sale at the reduced price, excluding the overallotment option, according to the term sheet.

Civica Offering

Civica, formed from the combination of another four Spanish savings banks, is seeking to raise as much as 844 million euros in an IPO. The lender, also in Madrid, is priced at 0.4 times to 0.52 times its estimated book value, according to two people directly involved in the transaction. The bank decided to delay the pricing date by one day to July 19 to see the result of Bankia’s IPO, said one of the people, who declined to be named because the process is private.
 
Bankia:
http://www.bloomberg.com/apps/quote?ticker=BKIA:SM

Civica article:
http://www.bloomberg.com/news/2011-...00-million-euros-in-ipo-following-bankia.html

Banca Civica SA, the lender formed from the merger of four Spanish savings banks, raised about 600 million euros ($849 million) in its initial public offering, pricing its shares at the bottom of the marketed range.

Civica sold 222 million shares at 2.70 euros apiece, according to a statement yesterday. The Madrid-based bank originally planned to sell stock at as much as 3.80 euros. The lender has an option to sell another 12 percent of the shares given sufficient demand.
 
[updating post with link to Bloomberg page for Civica, and providing BCIV symbol]

Bankia:
http://www.bloomberg.com/apps/quote?ticker=BKIA:SM

Civica:
http://www.bloomberg.com/apps/quote?ticker=BCIV:SM

http://www.bloomberg.com/news/2011-...00-million-euros-in-ipo-following-bankia.html

Banca Civica SA, the lender formed from the merger of four Spanish savings banks, raised about 600 million euros ($849 million) in its initial public offering, pricing its shares at the bottom of the marketed range.

Civica sold 222 million shares at 2.70 euros apiece, according to a statement yesterday. The Madrid-based bank originally planned to sell stock at as much as 3.80 euros. The lender has an option to sell another 12 percent of the shares given sufficient demand.
 
Quote from m22au:

[updating post with link to Bloomberg page for Civica, and providing BCIV symbol]

Bankia:
http://www.bloomberg.com/apps/quote?ticker=BKIA:SM

Civica:
http://www.bloomberg.com/apps/quote?ticker=BCIV:SM

http://www.bloomberg.com/news/2011-...00-million-euros-in-ipo-following-bankia.html

Banca Civica SA, the lender formed from the merger of four Spanish savings banks, raised about 600 million euros ($849 million) in its initial public offering, pricing its shares at the bottom of the marketed range.

Civica sold 222 million shares at 2.70 euros apiece, according to a statement yesterday. The Madrid-based bank originally planned to sell stock at as much as 3.80 euros. The lender has an option to sell another 12 percent of the shares given sufficient demand.
More...

So, is Civica a buy or a strong buy? :)
 
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