Deals
Santander Appetite Suggests Investors Are Bullish on Spain
- Investors bid for eight times the amount of shares on offer
- 7 billion-euro fundraising bolsters capital after Popular deal
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Banco Santander SA’s investors bid for more than eight times the amount of stock the lender was selling, an indication of bullish sentiment for both Spain’s biggest bank after it helped rescue a failed rival and the nation’s economy as a whole.
Santander received bids equivalent to more than 58 billion euros ($67.7 billion), compared with 7.07 billion euros raised in the transaction, the lender said in a statement after markets closed Wednesday. The rights issue to bolster capital was unveiled last month as part of the bank’s plan to buy Banco Popular Espanol SA.