© Reuters. CaixaBank starts the year with the issuance of a social bond of 1,000 million
(Updates EC4124 with the issuance closing data)
Barcelona, Jan 13 (.) .- CaixaBank (MC 🙂 has launched 2022 with the issuance of a new social bond in senior preferred format for an amount of 1,000 million euros.
The objective of this bond is to finance activities and projects that help to fight poverty, promote education and well-being and promote economic and social development in the most disadvantaged areas of Spain, the entity explains in a statement.
The bond has a 6-year maturity with an early redemption option in the last year by the issuer and has had a demand of more than 1,650 million euros, with about 100 institutional investors.
More than 80% of these investors are recognized as Socially Responsible Investors, highlights CaixaBank, thus adding its fourth social bonus and the eighth linked to sustainable development objectives.
The price has been set at 62 basis points over the midswap, the benchmark for this type of operation, and the coupon has been set at 0.625%.
According to CaixaBank, “it is the lowest price of a bond linked to sustainability issued by financial issuers in unsecured format in southern Europe”.
“It has also become the first social issue in the Euro market in 2022 and the first senior preferred issue of a Spanish entity so far this year,” says the bank.
The entities in charge of the placement were Bank of America (NYSE :), CaixaBank, Citi, Natixis (NYSE 🙂 and UniCredit (MI :).
This is the fourth social bond issued by CaixaBank, the second in a senior preferred format.
The previous bond of this type was issued in May 2021, also for an amount of 1,000 million euros and with the aim of financing education and well-being projects that would help combat poverty.
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