CaixaBank places 1,250 million senior notes with demand in excess of 3,000 million


CaixaBank has placed a EUR 1,250 million 7-year bond in preferred senior debt format. The price was set at 120 basis points above the midswap and the coupon at 4.25%.

The success of the operation is reflected in the demand, which, at more than 3,000 million euros, exceeds the average of Spanish senior issues in 2023 of 1,700 million euros. Due to this high demand, the interest rate was reduced by 30 basis points from the midswap + 150 basis points level offered in the announcement to the final midswap + 120 basis points. The bank achieved this placement success on a daily basis with the most active primary market in recent months, with more than EUR 15,000 million issued by companies and banks.

This is the first preferred senior issuance of the year for CaixaBank, which stopped using this format in August 2022

This is the eighth bond that CaixaBank is issuing in public format, the first in Senior Preferred format. CaixaBank’s last issue in this format was in August 2022, when it placed €1,000 million with a seven-year maturity in the green format.

The placing banks were BNP Paribas, BofA Securities, CaixaBank, Crédit Agricole CIB and UniCredit.

With this issue, the bank issued various types of debt in 2023 worth 7,480 million euros. Included in that number issuances worth $1.25 billion and £500 million.

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