Madrid-based Bankinter will offer convertible bonds to raise its main capital ratio above 8%, as required by the country’s central bank, The Wall Street Journal reports. The bank will sell a three-year €406 million convertible bond with a coupon rate of 7%. The bonds will be convertible to stock at a price of between €4.5-5.7 a share, depending on the tranche. The bond sale will raise the bank’s core capital ratio to 8.23% from the current 6.92%.

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