Calyon acted as joint bookrunner (together with BESI, UBS, JP Morgan and Credit Suisse) for Banco Espirito Santo (BES) EUR 1,200 million rights issue.

The terms are 4 new shares for each 3 existing shares at the price of EUR 1.8 which meant a discount to Theoritical Exercise Rights Price (TERP) of 46.4%. The transaction was covered 1.4 time by the demand.

Use of proceed :

• Achieve gain in market share and finance growth,
• comply with the new Portuguese regulatory requirements,
• reinforce its capital base by increasing the Tier 1 ratio to 8.3 %.