Ibercaja lands ‘negative new issue premium’ with euro tier two

By David Freitas
16 Jan 2020

Ibercaja Banco was said to have steered a new tier two bond through fair value on Thursday, when the Spanish lender also announced the results of a tender for some of its existing capital securities.

Ibercaja Banco launched €500m of 10.5 year non-call 5.5 tier two securities at a coupon of 2.75% on Thursday, supported by more than €1.8bn of demand.

“The majority of people think that fair value is in the context of 2.875% area, so I see this result as a negative ...

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