Bankia returned to the primary market for a senior preferred bond on Tuesday, after launching a senior non-preferred bond just two weeks ago. The deal proved popular among investors, who placed orders of almost three times as much as the final deal size of €750m.
The Spanish lender was marketing a seven year senior preferred bond through bookrunners Bankia, BBVA, Citi, Credit Suisse and NatWest Markets.
They drove the transaction to a final spread of 88bp over mid-swaps, from initial price thoughts of 110bp area.
Bankia set a deal