Pérez-Llorca has advised Abanca on the closing of a new €500 million senior preferred bond issue.
Abanca announced and executed a senior preferred bond issue for an amount of EUR 500 million at 5.875% per annum. The term of the transaction has been set at 6.5 years, with an option for Abanca to cancel it in full 5.5 years from the date of the issue. The Baa3 (Moody’s) and BBB- (Fitch) ratings give the securities investment grade status, allowing access to the most demanding part of the investment community.
The execution dynamics reflected the good perception that Abanca maintains among the investor community, with 68 high quality final orders, closing the book in four hours.
With this issue, the fourth in 2023, Abanca meets the minimum requirement for own funds and eligible liabilities (MREL) set by the regulator.
Pérez-Llorca team has been formed by Yolanda Azanza, partner of finance department and Santiago Bertola, lawyer of finance department.