By Ronda Fears
Nashville, June 3 - Spanish savings bank Caja de Ahorros y Pensiones de Barcelona, or La Caixa, sold €865 million of three-year exchangeable bonds, which convert into shares of Spanish electric utility Endesa SA, at par to yield 0.25% with a 15.7% initial conversion premium.
Goldman Sachs & Co. and Societe Generale are joint lead managers of the deal, which sold at the middle of yield talk and at the cheap end of guidance for a 15.7% to 20.5% premium.
At final terms, Deutsche Bank Securities put the deal 0.77% cheap, using a credit spread of 25 basis points over Libor and a 25% stock volatility.
Terms of the deal are:
Issuer: La Caixa
Joint lead managers: Goldman Sachs & Co. and Societe Generale
Amount €865 million
| Maturity: | June 3, 2006
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| Coupon: | 0.25%
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| Price: | Par
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| Redemption price: | Par
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| Yield: | 0.25%
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| Conversion premium: | 15.7%
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| Conversion price: | €16.001
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| Conversion ratio: | 62.495
|
| Call: | Non-callable for 2 years, then with 130% hurdle
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| Settlement: | June 11
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