By Cristal Cody
Chicago, March 22 – CaixaBank, SA placed $2 billion of senior non-preferred bonds in two parts (Baa3/BBB+), according to a market source and multiple press releases.
The deal included $1 billion of six-year notes that start with a 5.673% coupon. There are five years of call protection. The coupon resets to SOFR plus 178 basis points. The Treasuries plus 160 bps spread priced lower than talk in the 187.5 bps area.
The other half of the deal priced as $1 billion of long 11-year notes with 10 years of call protection. The initial 6.037% coupon will reset to SOFR plus 226 bps. The spread of 195 bps over Treasuries priced 25 bps lower than talk in the 220 bps area.
Barclays, BofA Securities, CaixaBank, J.P. Morgan, Morgan Stanley, RBC and Wells Fargo were in charge of the placement.
Demand was more than $9.3 billion from 155 accounts.
This the second dollar issue in the U.S. market for the issuer. The first dollar issue priced in September 2023.
The banking and financial services group based in Barcelona, Spain.
| Issuer: | CaixaBank, SA
|
| Amount: | $2 billion
|
| Issue: | Senior non-preferred notes
|
| Bookrunners: | Barclays, BofA Securities, CaixaBank, J.P. Morgan, Morgan Stanley, RBC and Wells Fargo
|
| Counsel to issuer: | Linklaters
|
| Trade date: | March 7
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB+
|
|
|
| Six-year notes
|
| Amount: | $1 billion
|
| Maturity: | March 15, 2030
|
| Coupon: | 5.673% initial rate; resets to SOFR plus 178 bps
|
| Spread: | Treasuries plus 160 bps
|
| Call features: | Five years
|
| Price talk: | Treasuries plus 187.5 bps area
|
|
|
| 11-year notes
|
| Amount: | $1 billion
|
| Maturity: | June 15, 2035
|
| Coupon: | 6.037%
|
| Spread: | Treasuries plus 195 bps
|
| Call features: | 10 years
|
| Price talk: | Treasuries plus 220 bps area
|
| ISINs: | USE2428RAH87, US12803RAH75
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