Banco de Sabadell’s €1.3bn capital increase
Citigroup, JPMorgan and UBS were joint bookrunners
Banco de Sabadell’s €1.3bn capital increase marked the first time in Europe that a rights issue and a bookbuild have been executed simultaneously. A total of 102 million new shares, 50% of total outstanding shares pre-offering – including a €552m rights issue and a €752m offering of new shares to domestic and international institutions on a non pre-emptive basis – were offered.
The rights issue was 100% subscribed, with 70% of existing retail shareholders and major shareholders La Caixa and BCP taking up their pre-emptive rights.
The book build was 5.5 times oversubscribed, with a tight discount of 6.35% versus the previous closing price achieved. The judges also noted the record time in which the green shoe was exercised, plus aftermarket appreciation.
