Convertible bonds of La Caixa? a 3,000 euro return

The gear to capture shareholders and place up to 1.5 billion euros has already been launched. The marketing of CaixaBank convertible bonds, the heiress of the former Criteria that will have the financial contributions of Catalan case plus the share holds in Repsol and Telefonica, was the starting gun on Monday and, as predicted by the entity?s president Isidro Fainé, the product is having a high demand.

According to sources consulted by elEconomista, some offices have already received a large number of requests in the first two days of subscription; making the amount to be insured by interested investor be around 1,000-3,000 euros.

At the offices there is not guarantee for greater coverage, as everything seems to indicate that total claims could exceed the limit of 1.5 billion euros set for the broadcast, which will force a deal that guarantees the minimum amounts based on the number of requests and the total number of orders.

Fainé set a clear goal for CaixaBank at the last meeting: raising the number of shareholders to one million in the medium term. And if the bonds were finally distributed in small amounts, this would, undoubtedly, contribute to this purpose. In fact, Fainé also said that the shareholder base of the old Criteria, which is now around 300,000, could double "without complications" through this placement. In the event that CaixaBank achieves its capital being distributed among more than 600,000 shareholders, it would be placed as the fifth company with the largest number of shareholders of the Spanish stock exchange, only Renta 4, declared that "there will be no placement problems ".

Expectations are promising although the figure is quite high. This is an important issue within the Spanish financial sector, as other entities that face their transformation into bank are advancing in their stock jumps would allocate minor contributions around the issue of CaixaBank although in this case from actions and not from convertible liabilities.

Among the upcoming placements provided in the sector, Bankia, at best, will only allocate 1.5 billion to individuals. Nuria Alvarez believes that one of the strengths that will ensure a full placement of La Caixa is that the entity has a large customer base, which is enabling faster time to market.