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Sareb completes its equity with the signing of the second issue of subordinated debt
26/02/2013

Generali, Reale, Zurich and Santa Lucia have joined existing investors after acquiring debt for a total of 17 million euros

The company's equity reaches 4.8 billion

The company issues 14.086 billion of senior debt

The Management Company for Assets Arising from the Banking Sector Reorganisation (Sareb) has achieved another of its objectives in the planned timeframe and manner, namely to complete the signing of the second issuance of subordinated debt, with four new investors joining in the form of insurance groups Generali, Reale, Zurich and Santa Lucia. Thus, the total contribution of all investors stands at 4.8 billion euros, divided 25% in equity and 75% subordinated debt.

The original 24 entities that had made contributions to Sareb's equity are now joined by three foreign insurance companies in the form of Generali, Zurich and Reale, and one Spanish insurer Santa Lucia, who have taken part in the underwriting of subordinated debt in the amounts of 5, 3, 5 and 4 million euros respectively.

Overall, private partners of Sareb account for 55% of its capital, while the FROB has a 45% stake. In doing this, the company complies with the requirements of the law of 9/2012, to have a majority private shareholding. In addition, among its investors Sareb brings together major Spanish financial institutions and insurance groups, as well as a significant number of foreign firms, thereby achieving another of its main objectives.

With the entry of these new participants, Sareb's shareholders and investors now comprise the following:

TablaEmisiónDeuda2.JPG 

The company has proceeded to issue 14.086 billion euros of senior debt. This debt will be acquired by the Group 2 banks (BMN, Liberbank, Caja3 and CEISS) in return for the assets that the banks will transfer to Sareb next Thursday, 28th February, in accordance with the transfer agreements signed yesterday.

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