Banco Sabadell has completed this Thursday its third debt placement so far this year, for a total of 500 million euros, with a maturity of 10.25 years and the possibility of early redemption in year 5.25, offering a coupon of 4.75%, according to what the company itself has communicated.
The transaction was initially launched with a spread over the 'mid swap' of more than 175 basis points and a new issue premium close to 35 basis points. The order book grew gradually and at a solid pace, which allowed the market to be informed, two hours later, of requests above 2,000 million euros.
Demand continued to increase after that update until it exceeded 2,600 million euros, which made it possible to adjust the final terms to 'mid swap' plus 145 basis points, that is, 30 basis points less than the level communicated at the beginning.
As Banco Sabadell has emphasized, the new issue premium was capped within a range of between zero and five basis points, and the achieved spread is the smallest it has obtained so far in a Tier 2 issuance.
Once the definitive spread was set, the order book closed at 1,800 million euros, with the participation of more than 100 investors and requests considered of high quality.