Wednesday, June 22, 2011

Spain's Bankia will be sold with 45% OFF

Reuters reports that the pricing for the IPO of Bankia will be at only 55% of Book Value, read here.

The "European Debt Debacle," as Bloomberg TV headlined its reports on the latest EU mess this morning, still continues apace!

UPDATE 1615 GMT: Reuters are now reporting the Prospectus issue has been delayed to next week, but contrary to my report of last evening, that the discount against book value would be 40% - 50%, and that reported above at 55% the range is expected to be between 35% and 55%. Time will tell, or perhaps the whole thing may well be called off - what will that tell us about the state of Spain's Cajas and therefore the Euro?



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