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2025-09-15 17:15:38
[Bank Subordinated Bonds Oversubscribed, Asset Restructuring Underway] (1) According to a report, Spanish commercial bank CaixaBank, SA plans to issue €500 million in non-growth Additional Tier 1 (AT1) bonds. This new bond issuance is intended to facilitate a repurchase of €414.4 million in existing perpetual, non-cumulative, or convertible Additional Tier 1 preferred securities. (2) The AT1 bonds received enthusiastic market response, with orders exceeding €3.75 billion and an oversubscription ratio of 7.5 times. The issuer has set initial pricing guidance within the 6.5% range. (3) The new bonds will be perpetual, with a first reset date of September 25, 2035, and will include a stock conversion mechanism. A mandatory stock conversion will be triggered if the bank's Common Equity Tier 1 (CET1) ratio falls below 5.125%. (4) Several internationally renowned financial institutions served as joint lead underwriters for the bond issuance. The bond is designed to comply with the requirements of the EU Market in Financial Instruments Directive (MiFID II) and is only available to professional investors and qualified counterparties. It will not be sold in the European Economic Area or the UK retail market. (5) The bank's move reflects its strategy of adjusting its balance sheet structure, namely, repurchasing old bonds through new bond issuance to optimize its capital structure. At the same time, the high rating and oversubscription data of the new bond also show the market's confidence in its future development.
