CaixaBank places 1 billion euros in 10-year subordinated debt for the institutional market

• The issue attracted demand in excess of 2 billion euros from more than 160 institutional investors. 82% of demand was international

CaixaBank, Spain's leading financial group, today completed a ten-year issue of subordinated debt worth 1 billion euros, with a redemption option for the issuer in the fifth year. The placement attracted demand in excess of 2 billion euros.

This new issue diversifies and strengthens CaixaBank's capital structure and sources of financing, specifically Tier 2 capital. The issue price was established at 335 basis points over the midswap rate, the benchmark index for such issues. The coupon rate stood at 3.50%.

The issue earned an excellent response from institutional investors, with more than 160 orders and demand in excess of 2 million euros. 82% of demand was international.

The issue will have ratings of Ba2, BB+, BBB- and BBBH from Moody's, Standard & Poor's, Fitch and DBRS respectively.

The underwriting banks for this new issue were BofA Merrill Lynch, CaixaBank, Goldman Sachs International and HSBC.