Bankinter has successfully placed an AT1 debt-security issue for €300 million.
In the space of just three hours, Bankinter incredibly placed an issue of perpetual, contingent debt securities that can be converted into shares and are classified as Tier 1 capital, on the market for €300 million.
The issue registered a demand of more than €3.4 billion, representing more than 11 times the amount offered, and has a coupon of 7.375%, which is below the initial indication of 8%.
With this issue, the bank can redeem the shares issued quarterly with the relevant authorisation, starting in six years’ time.
The debt was placed among 271 institutional investors, 90% of which are international.
The underwriter banks for this transaction have been Bankinter, Barclays, Crédit Agricole, Goldman Sachs Europe and Natixis.
Linklaters Spain advised Bankinter with a team made up of partner Jorge Alegre and managing associates Pablo Ruiz de Assín and Héctor Garrido.
On the other hand, A&O has advised Barclays and the rest of joint lead managers on the issuance.
According to the law firm, “the transaction has been very well received by investors, with subscription orders worth more than 11 times the size of the transaction. Many thanks to Barclays, Bankinter, Crédit Agricole CIB, Goldman Sachs and Natixis Corporate & Investment Banking for trusting us for this deal.”
Allen & Overy’s team involved in the transaction was formed by partners Salvador N. Ruiz Bachs, Charles Poole-Warren, senior associates Álvaro Rojo Santos, Cristina Pablo-Romero Rein, and associates Sergio Ferrer-Bonsoms Castán and Lázaro García Domínguez.