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2025-09-17 17:47:25
[European Financial Giant Issues Bonds! €50 Billion AT1 Bonds Spark Frenzy of Demand] ⑴ Spain's CaixaBank successfully issued €500 million in Additional Tier 1 (AT1) bonds with a coupon rate of 5.875%. The final order book exceeded €4.5 billion, with a nine-fold oversubscription. ⑵ Investor geographic distribution showed that the UK and Ireland accounted for the largest share (49%), followed by France at 12%, Asian investors at 11%, the Benelux at 8%, the DACH region (Germany, Austria, and Switzerland) at 6%, Southern Europe at 5%, Canada at 5%, and other regions at 4%. ⑶ Investor type breakdown showed that asset management firms led the demand, accounting for 64%, hedge funds at 18%, insurance and pension funds at 8%, central banks and official institutions at 7%, and banks and private banks at just 3%. (4) The bonds are perpetual bonds with a first call date of March 25, 2035. They have a conversion trigger of 5.125% of Tier 1 (CET1) capital, which triggers a mandatory conversion into common stock when the bank's CET1 ratio falls below this threshold. (5) The issuance is jointly coordinated by Barclays, BofA Securities, CaixaBank, HSBC, and JPMorgan Chase. The bonds will be listed on Spain's AIAF fixed income market and are intended for professional investors.
