Chicago, July 6 – Abanca Corporacion Bancaria SA priced €250 million of 10 5/8% non-cumulative additional tier 1 perpetual securities (//B+) on Thursday, a source reported.
The securities priced at par.
Initial price talk was 10¾% to 10 7/8%.
The first call and reset date is Jan. 14, 2029, in 5.5 years.
The rate will reset to the five-year mid-swap rate plus the 764.3 basis points initial margin.
Santander handled billing and delivery and was joined as a joint lead manager by Barclays, BofA Securities, BNP Paribas and Credit Agricole CIB.
The size was set before pricing. The final book was over two times deal size.
Proceeds are being used for general corporate purposes, including a tender offer for previously issued tier 1 preferred securities launched on July 5.
The issuer is a Spanish bank based in Galicia.
| Issuer: | Abanca Corporacion Bancaria SA
|
| Amount: | €250 million
|
| Issue: | Non-cumulative additional tier 1 securities
|
| Maturity: | Perpetual
|
| Bookrunners: | Santander (billing and delivery), Barclays, BofA Securities, BNP Paribas and Credit Agricole CIB
|
| Coupon: | 10 5/8%
|
| Price: | Par
|
| Yield: | 10 5/8%
|
| Spread: | Mid-swaps plus 764.3 bps
|
| Call features: | 5.5 years of initial call protection
|
| Trade date: | July 6
|
| Settlement date: | July 14
|
| Ratings: | Fitch: B+
|
| Distribution: | Regulation S
|
| Price talk: | 10¾% to 10 7/8%
|
| ISIN: | ES0865936027
|
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