Investors hand CaixaBank a discount for Covid bond debut

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By Tyler Davies
01 Jul 2020

CaixaBank attracted plenty of demand for its first Covid-19 bond on Wednesday, printing a €1bn deal at a spread that was through the fair value implied by its outstanding securities.

The Spanish lender picked CaixaBank, HSBC, ING, Natixis and UniCredit to arrange the sale of the six year non-call five preferred senior transaction.

They went out with initial price thoughts in the 150bp area over mid-swaps on Wednesday morning and quickly welcomed €2bn of demand from investors.

When ...

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