La Caixa’s LT2 pulled amid blackout and pricing fears

27 Jan 2010

The first euro capital trade of 2010 — a 10 year bullet lower tier two transaction from La Caixa due to be launched on Tuesday — was postponed following a decision by lead managers Barclays Capital, JPMorgan and La Caixa to pull the trade after it failed to garner momentum ahead of the issuer going into blackout.

“We were confident that there was a trade available given that the issuer was not looking to raise a very large size,” said one of the lead managers. “However, La Caixa was going into blackout on Wednesday and we didn’t want to try to jam through a deal. ...

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