CaixaBank places a dual-tranche euro issuance that includes a €1 billion green bond to finance projects that support environmental sustainability

• CaixaBank places €1.5 billion in a new dual tranche senior preferred issuance, comprised by a 10-year bullet green tranche and FRN 4-year tranche with optional redemption date on the 3^rd 

• The maximum combined demand exceeded €5.2 billion, allowing for a significant tightening of the initial pricing for both bonds 

• CaixaBank strengthens its position as one of Europe's leading ESG issuers, with 15 ESG bonds issued since 2019 totaling €13.5 billion, £500 million and CHF 300 million, across both social and green format

 June 18, 2025

CaixaBank today closed its fourth debt issuance of 2025, with a dual tranche, consolidating its leadership in sustainable financing and its diversified access to capital markets.

The first tranche corresponds to a senior preferred green bond with a 10-year maturity, for an amount of €1 billion. The price was set at 95 basis points (bps) over midswap (MS), representing a tightening of 35 bps from the initial price of MS+130 bps, thanks to the strong demand received, which exceeded €3.6 billion at its peak. The coupon was set at 3.375%.

The second tranche consists of a floating-rate senior preferred bond of €500 million, with a 4-year maturity and an issuer call option in the third year. This is the first floating bond issued by a financial issuer in Spain in 2025. The maximum investor demand was over €1.6 billion and the final margin at 65 bps over the 3-month Euribor (25 bps below the initial level).

The Bank was able to successfully take advantage of a good market window in a global context of political and economic instability. This is the first issuance in senior preferred format since September 2024. The "scarcity" in the appeal of this format played in favor of the deal, with an investor base that has participated decisively in both tenors. The joint lead managers were CaixaBank, Commerzbank, LBBW, Morgan Stanley, Natixis, and NatWest.

This deal represents the ninth green bond issued by CaixaBank (the seventh in euros) and the fifteenth ESG bond of the entity, reinforcing its position as one of the leading entities in Europe in environmental, social and governance (ESG) issuances. CaixaBank's last EUR issuance in green format was carried out in February 2024 when it successfully issued €1,250 million of a senior non-preferred bond.

With this dual tranche, in 2025 CaixaBank has issued in public format different types of debt amounting to €4.5 billion: €1 billion in AT1 (cocos), €1 billion in a senior non-preferred bond, €1 billion in subordinated debt (Tier 2), and €1.5 billion in today's dual tranche of senior preferred bonds.

Commitment to sustainability

Through this new green bond, CaixaBank will channel funds to finance projects that contribute to environmental sustainability, such as the reduction of greenhouse gases, efficient water management, pollution prevention, and climate change adaptation. Specifically, it will allocate the funds raised to promote the Sustainable Development Goals (SDGs) numbers 6: Clean Water and Sanitation; 7: Affordable and Clean Energy; 9: Industry, Innovation, and Infrastructure; 11: Sustainable Cities and Communities; and 12: Responsible Consumption and Production.

As of December 31, 2024, CaixaBank's eligible green portfolio amounted to more than €14.1 billion, distributed in: €7.4 billion in renewable energy projects; €4.99 billion in real estate assets with an energy efficiency label (EPC A or higher); €1.25 billion in clean transport; €450 million in hydraulic works; and €2 million in responsible consumption.

Nine green bonds and six social bonds

Today's issuance marks CaixaBank's ninth green bond (the seventh in euros). In 2024, the entity issued a €1.25 billion bond and a CHF 300 million bond. In 2022, it issued two green bonds of €1 billion each, and in 2021, it issued three bonds: two in Euro format and one in Sterling Pounds. CaixaBank issued its first green bond in November 2020.

Since the publication of the Sustainable Development Goals (SDGs) Funding Framework in August 2019, CaixaBank has reinforced its position as one of the leading entities in Europe in issuances with ESG criteria, with 15 own issuances: 9 green bonds and 6 social bonds, totaling €13.5 billion, £500 million, and CHF 300 million in live ESG issuances in the market.

CaixaBank was the first Spanish bank to issue a social bond in support of the UN's SDGs in September 2019. Since then, CaixaBank has recurrently issued a social issuance each year, thus demonstrating the entity's social commitment: July 2020 (Social Covid-19), May 2021, January 2022, May 2023, and September 2024. Altogether, the nominal amount placed in the market in social format amounts to €6.25 billion.