Banco Popular rights issue debuts

Spain’s Banco Popular received orders for 11 per cent of a €2.5bn (£2bn) rights issue on its first day, the bank said yesterday. The rights issue was an attempt by the bank to avoid seeking state aid after an independent audit of Spanish banks found it needed an extra €3.2bn to weather a serious economic downturn. The bank’s shares rose three per cent yesterday, not counting the subscription rights.