Sabadell follows UniCredit with MREL-optimised pref senior deal

By David Freitas
29 Oct 2019

Banco de Sabadell completed its annual funding plan on Tuesday with a €500m preferred senior bond, adding a call option to the transaction in a clear sign that it is likely to be used as part of the minimum requirement for own funds and eligible liabilities (MREL).

The bank was eyeing a favourable backdrop to issue €500m of debt after announcing third quarter results last week.

Lead managers Banco Sabadell, Barclays, Natixis, Nomura and UniCredit circulated price thoughts of 115bp/120bp area over mid-swaps on Tuesday.

The bank was marketing a €500m ...

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