CaixaBank places 1,250 million in senior preferred debt
CaixaBank has placed a 1.25 billion euro 7-year senior preferred bond. The price was set at 120 basis points over midswap and the coupon was set at 4.25%.
The success of the operation is reflected in the demand which, with more than 3,000 million euros, exceeds the average observed in Spanish senior issues in 2023, of 1,700 million euros. This high demand has allowed to lower the interest rate by 30 basis points from the level offered in the announcement of midswap + 150 basis points, to midswap + 120 bps final. The bank achieved this placement success on the day with the most active primary market in recent months, with more than 15,000 million euros issued by companies and banks.
This is the first senior preferred issue of the year for CaixaBank, which has not used this format since August 2022.
This is the eighth bond issued in public format by CaixaBank, the first in senior preferred format. CaixaBank’s last issue in this format was in August 2022, when it placed a €1 billion seven-year green bond.
The placement banks were BNP Paribas, BofA Securities, CaixaBank, Crédit Agricole CIB and UniCredit.
With this issue, in 2023 the bank has issued different types of debt for a total of 7,480 million euros. This figure includes issues of USD 1.25 billion and GBP 500 million.
