Chicago, Jan. 3 – CaixaBank, SA (Baa1/A-/BBB+) priced €750 million of 7½% perpetual notes as additional tier 1 capital (BB) on Wednesday, according to a market source.
The non-cumulative contingent convertible securities priced at par for a quarterly yield of 7½% and an annual yield of 7.714%, or at mid-swaps plus 529.5 basis points.
Initial price talk was in the 7¾% area.
The initial distribution rate will reset for the first time on July 16, 2030.
The notes are callable at par in the six months leading up to the first reset date and then on any quarterly distribution payment date going forward.
Citi is the structuring agent.
BNP Paribas handled billing and delivery. The other joint lead managers were CaixaBank, Citi, Morgan Stanley and Societe Generale.
The order book was reported at over €1.55 billion.
The banking and financial services group based in Barcelona, Spain.
| Issuer: | CaixaBank, SA
|
| Amount: | €750 million
|
| Issue: | Non-cumulative contingent convertible securities
|
| Maturity: | Perpetual
|
| Bookrunners: | BNP Paribas (billing and delivery), CaixaBank, Citi, Morgan Stanley and Societe Generale
|
| Coupon: | 7½% initial rate; resets starting July 16, 2030 to the initial margin plus the five-year mid-swap rate
|
| Price: | Par
|
| Yield: | 7.714%
|
| Spread: | Mid-swaps plus 529.5 bps
|
| Call features: | At par in six months before first reset date; at par on any quarterly distribution date thereafter
|
| Trade date: | Jan. 3
|
| Settlement date: | Jan. 16
|
| Rating: | S&P: BB
|
| Distribution: | Regulation S
|
| Price talk: | 7¾% area
|
| ISIN: | ES0840609053
|
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