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Moody’s sobre Bankia: la decisión del TS, muy positiva para los tenedores de bonos Bankia

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    <strong>Artículo publicado en <a href="http://www.lacartadelbolsa.com">La Carta de la Bolsa</a> el Lunes, 08 de Febrero en la sección: Articulos</strong>
    <h3 class="titulo_articulo">Moody’s sobre Bankia: la decisión del TS, muy positiva para los tenedores de bonos Bankia</h3>
    Redacción
    <p>Court Excludes Bankia’s Institutional Investors from IPO Ruling, a Credit Positive </p>

<p>From Credit Outlook Last Wednesday, the Supreme Court of Spain published a ruling on two cases of compensation claims initiated by retail investors who demanded the return of money they invested in Bankia S.A.’s (Ba3/B1 stable, b21) initial public offering in 2011. The ruling obliges the bank to pay back retail investors but makes a distinction with institutional investors. Excluding institutional investors from the court ruling is credit positive for bondholders because it eliminates the need for provisions that would negatively affect Bankia’s solvency.</p>
    <p>Civil lawsuits seeking compensation for share purchases alleged that Bankia’s IPO prospectus did not accurately reflect its financial situation, leading to a distorted opinion about the bank’s solvency. The Supreme Court’s decision ruled that Bankia should compensate retail investors on the ground that mis-selling resulted from substantial inaccuracies of the prospectus. However, the ruling makes a distinction with institutional investors who, according to the Court, had access to various types of financial information other than prospectus in order to take an investment decision.</p>

<p>If institutional investors were also compensated, Bankia would have to create additional provisions to cover the IPO’s approximately €1.2 billion institutional tranche. At end of 2015, Bankia had €1.84 billion in provisions allocated to cover claims related to the retail tranche of the IPO.</p>

<p>Bankia, a commercial bank created from the merger of seven savings banks led by Caja Madrid and Bancaja, was listed on the stock exchange in July 2011. The IPO raised more than €3 billion in equity, out of which €1.8 was raised from sales to retail customers. In 2012 owing to mounting asset quality problems, Bankia had to be bailed-out by the Spanish government, subsequently reporting a €19.2 billion loss for 2012, which brought down the share price and wiped out the investments of the shareholders. </p>
    https://lacartadelabolsa.com/index.php/253740

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