Madrid 2 (European Press)
Grupo Cajamar placed its first premium debt issue, in the amount of 500 million euros and with a coupon of 1.75%.
The order amounted to 1,600 million euros, 3.2 times more, through more than 140 orders from institutional investors, which allowed to reduce the initial coupon of the issue to 1.75%.
81% of the demand was international, primarily from the UK (35%), while Spanish investors accounted for 19% of the total volume of demand.
By type of investors, 74% of requests came from fund managers, 16% from insurance companies and pension funds, 7% from banks and private banks, and the remaining 3% from other types of investors.
The underwriting banks for this new issue, due in March 2028, are Barclays, BBVA, BofA Securities and Société Générale, while Ernst & Young Abogados acted as legal counsel.
As the entity stated in a statement, with this premium debt issuance, BCC-Grupo Cajamar is increasing the size of its eligible MREL compliance obligations.
The entity exceeds the average requirements set by the Single Resolution Council (JUR) this year by 158 basis points, by 15.61%. This requirement means reaching a MREL of 14.03% of the total standardized amount of exposure (TREA, for its English acronym) in January 2022.
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