Some cajas are ready to knockout the corporate elite

The two larger Cajas from the Spanish outlook have got guns. In another well-designed operation, La Caixa seeks to broaden its shareholder base to one million, beating Mapfre and Repsol.

To this end, it would issue convertible Caixabank emissions, which has great visibility and a major attraction when fixing 50 percent in the financial business of La Caixa, well managed and with a large network, plus the other half consistent of the units with their dividends by Telefónica and Repsol.

With its extensive branch network, the Catalan entity is placing this product so well, that is limiting the amounts that individuals can invest to between 1,000 and 3,000 euros. The only problem with these convertible is its lack of liquidity, as they implied waiting until the moment they become actions, but it seems that the branches of the bank are already trying to explain it. On the other hand, Bankia and is expected to allocate at least 50 percent of its IPO to institutional investors.

This process is very important because it can provide stability if they are intended to be permanent and shall determine the fair price when there is not much experience in the valuations of these entities. In fact, the president of the CNMV, Julio Segura, has said he will not allow entities listed without a 40 per cent of those qualified investors, which will give greater assurance to the opening stock of some Cajas. The two have already set the ceiling, have taken the lead and will take over the largest part of the demand, making it hard for the rest.