Today, CaixaBank closed its fifth public bond issue in 2023. The bank has placed 1 billion euros in a subordinated Tier 2 format with a maturity of 11 years and an early daily redemption option for six months in five years and six months. It is CaixaBank's second issue in a subordinated Tier 2 format this year, following the issue of £500 million in January.
With this issuance, the bank optimises and reinforces its total capital ratio by 46 basis points (bps) to 18.28%, strengthening its buffer above the minimum required, to 558 bps.
The price has been set at 300 bps above mid-swap, 30 bps below the 330 bps offered in the announcement, thanks to the strong demand that has exceeded 2.4 billion euros, with the participation of more than 150 institutional investors. Of note is the significant interest from foreign investors, which account for 99%, and the excellent quality of the order book. The coupon has been set at 6.125%.
The final book was 2.0x oversubscribed. We expect the issue to receive a rating of Ba1/BBB-/BBB- from Moody’s, S&P and Fitch. The companies responsible for the placement were BNP Paribas, CaixaBank, Citi, Morgan Stanley and Natixis.
