BBVA has acted as Co-Manager in the €2.5 Bn rights issue of Commerzbank that has taken place during the month of May.

The amount of the Capital Increase with preferential subscription rights amounted to €2,500 Million, with an issue price of 4.5 euro per share, representing 38.2% discount versus TERP. The use of funds is to repay silent participations of SoFFin (Financial Market Stabilisation Fund) and Allianz.

75% of the offer (€ 1.875 Mn) was subscribed by existing shareholders via cash contribution and underwritten by the syndicate of banks. The remaining 25% (€ 625 Mn) was subscribed by the SoFFin. Subscription period ran from May 15 to May 28.

The results of the operation were very positive. Level of exercise of subscription rights was 99.7% and the remaining was placed on the stockmarket