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MADRID - CaixaBank, S.A. announced Monday it plans to issue €500 million in perpetual non-call 10-year non-cumulative contingent convertible additional tier 1 preferred securities, according to a stabilization notice.
JP Morgan SE will serve as the stabilization coordinator alongside Barclays, BofA Securities, CaixaBank, and HSBC as stabilization managers for the offering. The stabilization period is expected to begin today and end no later than October 15, 2025.
The securities will be listed on the Spanish AIAF Fixed Income Securities Market with a minimum denomination of €200,000. The offer price has not yet been determined.
As part of the stabilization process, managers may over-allot securities in an amount not exceeding 5% of the aggregate nominal amount to support the market price. This could potentially increase the total issuance to €525 million.
The contingent convertible securities, commonly known as CoCos, are a form of additional tier 1 capital that helps financial institutions meet regulatory capital requirements while providing a higher yield to investors due to their subordinated status and conversion features.
The securities have not been registered under the United States Securities Act of 1933 and will not be offered in the United States.
This announcement is based on a stabilization notice issued by JP Morgan SE as required by market regulations.
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