La Caixa
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The Spanish region served up its sustainable debut to raise €500m -
The €210m and €80m loans do not herald a wider array of new money transactions
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Regional borrower secures €500m
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Persistent volatility, Asian holidays keep most issuers at bay
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Big brand still key as second tier firms find some parts of the market inaccessible
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More deals could follow as bankers highlight sweet spot in AT1 market
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CaixaBank has sold its entire stake in Austria's Erste Group
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A trio of Spanish banks hit the euro market this week, led by a popular offering of non-preferred senior bonds from CaixaBank.
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Mauritius Commercial Bank has raised a new dual tranche $800m loan after receiving commitments of over $1bn. The deal was welcomed by bankers as one of the few new money financings in the market.
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CaixaBank took advantage of strong market conditions to issue a €1bn seven year senior preferred transaction on Tuesday with strong demand allowing the issuer to price flat to its curve. At the same time, RBS opened order books for a dollar-denominated five year senior deal.
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Telefónica, the Spanish telecoms group with €55bn of debt, came to the euro market on Tuesday to refinance two of its hybrid capital bonds. It launched a tender offer for the pair, which now total €1.3bn, and a hybrid new issue to replace them, tacking on opportunistically a 10 year senior bond issue.
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Southern European banks were given a lift at the beginning of the week, when they emerged from the European Central Bank’s annual supervisory review and evaluation process (SREP) with their capital requirements broadly unchanged.
