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Ibercaja issues 500 million 10-year subordinated bonds at 2.75%


Ibercaja has successfully placed an emission of 500 million euros in ten-year subordinated debt, with an interest rate of 2.75%. These bonds will be amortized on July 23, 2030, although the entity may liquidate them in 2025 without prejudice, as reported to the National Securities Market Commission (CNMV). If you do not exercise this option, interest will be calculated by applying a margin of 2,882% to the five-year swap rate.

This operation has received a demand of 1.8 billion, almost four times higher than the emission volume. Barclays, Bank of America Merrill Lynch, UBS and BBVA have acted as placement banks and have managed to sell 70% of the securities among international investors, mostly European.

The bond issue has a credit rating of 'BB' by Fitch Ratings and 'B +' by S&P Global, and will be governed by Spanish law, with its admission to trading and trading in the 'AIAF' Fixed Income market being planned.

The bank has also reported that it has made a buyback offer at a price of 102.555% on an issue that made 2015. This proposal has been accepted by 56% of the titles, which has meant an amount of 281.9 million euros. This operation had the same conditions as this Thursday, although the interest rate was 5%.

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