Pérez-Llorca advises ABANCA on landmark AT1 transaction
Pérez-Llorca has advised ABANCA Corporación Bancaria on a significant capital markets transaction, marking the first Additional Tier 1 (AT1) issue in Spain after the summer break.
The firm assisted ABANCA in connection with its successful tender offer to the holders of its outstanding €375 million Perpetual Non-Cumulative AT1 Preferred Securities, originally issued in January 2021 (ISIN: ES0865936019). Through the offer, ABANCA repurchased up to €242.4 million of the existing securities.
In parallel, Pérez-Llorca also advised ABANCA on the issuance of €500 million Perpetual Non-Cumulative AT1 Preferred Securities, which have been admitted to trading on the AIAF Mercado de Renta Fija, Spain’s regulated fixed-income market.
The legal team advising was led by Banking & Finance partner Yolanda Azanza, alongside Tax partner Norma Peña, Banking & Finance associate Carlos Rueda, and Tax associate Javier García.
