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29/12/2008

Preferred participation of BBVA

The preferred Actions or participation are titles of which already we have written reason why we will not return to define its characteristics Those interested you can read this other article “Preferred stocks, those great ones forgotten�, but before the new emission of titles of these characteristics on the part of BBVA I believe that if we must analyze the characteristics of the emission and at the moment compare them with others in market. Only one detailing, the last name “preferred� is before the ordinary actions, acquire the payment by dividends before the possessors of ordinary actions, but behind all the others… Public property, senior bond Suppliers, deposit takers, possesors and subordinate debt…

Since this type of titles in Spain has not had an excessive proliferation:

In AIAF they quote some emissions of these characteristics, but the prices “are manipulated� since there is very little liquidity.

They are possible to be bought at institutional level, but they are not available for retail clients and there are clear prices to us of reference.

we are going to compare the emission of BBVA with others to disposition in the USA, where if multiple options exist to invest in titles of these characteristics.

We remember the characteristics of the BBVA emission:

Coupon 2 years 6.5%, Euribor Rest 3 months (minimum 3.5%)

In stock-market of New York coupons over 7% exist emissions paying reason why it does not seem that once they leave, the quote is going away to maintain. Examples of financial organizations of equal quality to BBVA would be:

As we see, that 3.5% that it will pay BBVA as of the second year are the worse yield of all, but not only the worse one but is half that the rest, I believe that they do not make lack commentaries to decide if to contract it or no.

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