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

SpainMoney_Adobe_575x375
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 ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.