(Bloomberg) -- UBS AG started selling about 3.2
billion euros ($4.4 billion) of bonds that automatically convert
into shares of Banco Bilbao Vizcaya Argentaria SA, Spain's
second-largest lender.
The five-year exchangeable bonds will pay interest of 3.2
percent to 3.3 percent, Zurich-based UBS said in a note setting
out the terms of the deal. At maturity the bonds convert into
BBVA shares, which need to rise by 18 percent to 21 percent from
current prices for the trade to be profitable, the terms show.
BBVA shares today rose 40 cents, or 2.2 percent, to 18.5 euros in
Madrid.
Read more at Bloomberg Bonds News
billion euros ($4.4 billion) of bonds that automatically convert
into shares of Banco Bilbao Vizcaya Argentaria SA, Spain's
second-largest lender.
The five-year exchangeable bonds will pay interest of 3.2
percent to 3.3 percent, Zurich-based UBS said in a note setting
out the terms of the deal. At maturity the bonds convert into
BBVA shares, which need to rise by 18 percent to 21 percent from
current prices for the trade to be profitable, the terms show.
BBVA shares today rose 40 cents, or 2.2 percent, to 18.5 euros in
Madrid.
Read more at Bloomberg Bonds News
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