By Paul A. Harris
Portland, Ore., Sept. 24 – Abanca Corp. Bancaria, SA (Ba2/BB/BB+) priced a €250 million issue of 7½% perpetual non-cumulative additional tier 1 preferred securities (-/-/B) at par on Monday, according to a market source.
The coupon printed tight to initial coupon talk in the mid-to-high 7% area.
The preferreds are non-callable for five years.
Barclays, BNP Paribas, Nomura and UBS Investment Bank were the joint lead managers for the Regulation S issue.
The issuer is a Spanish bank based in Galicia.
| Issuer: | Abanca Corp. Bancaria, SA
|
| Amount: | €250 million
|
| Maturity: | Perpetual
|
| Securities: | Perpetual non-cumulative additional tier 1 preferred securities
|
| Managers: | Barclays, BNP Paribas, Nomura and UBS Investment Bank
|
| Coupon: | 7½%, resets on Oct. 2, 2023 and ever five years to five-year mid-swaps plus 732.6 bps
|
| Price: | Par
|
| Initial spread: | 732.6 bps
|
| Call: | Oct. 2, 2023 at par
|
| Trade date: | Sept. 24
|
| Settlement date: | Oct. 2
|
| Issuer ratings: | Moody's: Ba2
|
| S&P: BB
|
| Fitch: BB+
|
| Issue rating: | Fitch: B (expected)
|
| Distribution: | Regulation S
|
| Price talk: | Mid-to-high 7% area
|
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