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06/05/2009 / PORTUGAL / EQUITY CAPITAL MARKETS
Calyon joint bookrunner for Banco Espirito Santo rights issue
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 %.