Grupo Cajamar places an issuance of 650 million green senior preferred notes

The demand has been in excess of 1,500 million euros, with more than 170 orders from institutional investors.

Grupo Cajamar has placed today, Tuesday, September 5, through Banco de Crédito Social Cooperativo, 650 million green senior preferred notes with a maturity of six years. This is Grupo Cajamar’s first issuance with the “green” label for a senior preferred debt bond and the second of a sustainable nature.

Given the good reception of the market, the coupon of the issue has been set at 7.50%. The maturity date is September 14, 2029. The order book has exceeded 1.5 billion euros.

The issue is intended to finance the growth of commercial activity and meet the objective of making at least one green or social issue per year. This is the third senior preferred bond issued by Grupo Cajamar. In 2022 and 2021 it placed 1,000 million in this format on the market, with 2022 being its first issuance of sustainable debt with the social label.

This bond increases the volume of eligible liabilities of the Cajamar Group for compliance with MREL and allows it to already comply with the requirement to be reached by January 1, 2025 as determined by the Single Resolution Board (JUR), which represents 20.22% of the total consolidated risk exposure amount (TREA).

The joint lead managers have been Bank of America (green structurer), Citigroup, Barclays, BBVA and Natixis, and the legal advisors Linklaters and Clifford Chance.