May 20, 2024 06:38 GMT
Ibercaja Sr Pref Call: Positive Sign
FINANCIALS
Ibercaja (CAZAR: Baa1/BBB) is redeeming the senior preferred EUR500m CAZAR 3.75% ’25 bond, at the first call date (15-Jun-24), in the wake of last week’s Fitch upgrade (from BBB-).
- Fitch’s upgrade referenced the bank’s lower levels of non-performers now (including against peers) and better earnings power.
- CAZAR last tapped the senior preferred market in January, since which point operating results have looked relatively positive and Spanish bank equity has been performing very strongly (+29% YTD, SX7P +21%, SXXP +9%).
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