Overall a disappointing result for Bankia and shows that while markets are rallying in Europe, there’s an underlying sense of anxiety in the markets.  Consider that this disappointing price performance was actually after the IPO price was lowered (10-25%), which probably served to save the deal.  

European leaders better have something positive to say on Thursday.  Market sentiment remains very apprehensive.

Reason? See here….then click on the title of this post. 

Coming mid-July, this offering will be a litmus test on whether Spain has convinced the markets that it’s got things under control.