Companies are taking advantage of the fact that since this Wednesday investors are giving a truce to fixed income, after knowing the inflation data in the United States, to seek financing in the markets. In Spain, Telefónica and CaixaBank have launched debt in what are their first emissions of the year. BBVA and Banco Santander were the ones that opened the placement window at the beginning of last week.
Telefónica has launched 2025 with a 9-year bond placement to raise 1,000 million eurosaccording to the data collected Bloombergthanks to a demand that has been around 2.3 billion. The issue will have a cost of 125 basis points above the reference rate (the operation was based on a premium of 160-165 basis points) and the fixed coupon is 3.724%.
The teleco This time, Spain has opted for traditional senior bonds, without resorting to the green format that it had used in its last debt issues. Last year, for example, it went to the markets in January, March and September to place hybrid debt; in the last two cases with hybrid assets. In this new operation, the underwriters have been CaixaBank, Comerzbank, IMI-Intesa Sanpaolo, MUFG, Natixis, Natwest, Sabadell, SMBC, Société and Unicredit.
For its part, CaixaBank has also launched its first issue of the year, choosing in this case contingent convertible bonds (AT1, also known as Cocos). This debt is perpetual, but will have a first window in 8 years. The bank has also raised 1,000 million euros, with a demand of more than 3,900 million that has allowed the final interest rate to be reduced by 37.5 basis points, leaving the coupon at 6.25%.
The entity has managed to close the second cheapest AT1 bond issue in its historyaccording to market sources, thanks to the fact that the differential has been 393 basis points over the reference rate; The lowest cost was in September 2021. Since then there has not been a cheaper sale of Cocos in southern Europe in euros. The placement banks for this operation were Barclays, BNP Paribas, CaixaBank, Citigroup and Société Générale. At the same time, the bank has announced a buyback of the AT1 of 1,250 million issued in March 2018, for a maximum amount of 1,000 million that will end on January 23.
#Telefónica #CaixaBank #advantage #truce #fixed #income #launch #issues #year