In order to shore up their sickly balance sheet, the acquiring [Banco] Santander will issue a €7 billion rights offering to shareholders. Banco Popular's equity and junior debt are wiped out, to the tune of €3.3 billion."
While America breathlessly waited for former FBI Director Comey to boast daytime TV ratings, the "announcement that Banco Popular Espanol SA will be absorbed by the sounder Banco Santander under the auspices of the European Central Bank for considerations of €1 harkens back to March 2008, Bear Stearns and J.P. Morgan," writes Philip Grant.
Have the world's financial dominoes started falling on that side of the pond?
Here in the good old USofA. the DJIA rocks while Tesla and Amazon shares roll, but "Total US business bankruptcies in May rose 4.7% year-over-year to 3,572 filings, according to the American Bankruptcy Institute. That's up 40% from May 2015 and up 10% from May 2014."