Ibercaja squeezes IPTs on one-off AT1

摘要

The attractive headline coupon for ibercaja's €350m no-grow Additional Tier 1 issue helped drum up more than €850m in orders, but the bonds slipped below par after terms were squeezed well inside IPTs to 7%. The Spanish bank had completed a roadshow for the perpetual non-call five-year (B-/B by S&P/Fitch) the previous week. The size was capped, since Ibercaja - Spain's ninth largest bank by assets - has limited needs in this format.