According to the bank’s announcement, the bond, maturing in 2032 with a call option in 2031, was priced at a coupon of 3.375% and a yield of 3.422%, with a spread of 90 basis points over the corresponding mid-swap.
The new issuance forms part of the strategy to meet MREL regulatory requirements, which remains a priority for European banks. Investor interest was particularly strong, with orders reaching €1.7 billion, more than 3.5 times the initial target. Over 100 institutional investors participated, of which more than three-quarters were from abroad.
International asset management portfolios, insurance companies, and pension funds dominated the demand, absorbing 58% of the issuance. They were followed by banks and private banking clients with 36%, supranational organizations with 5%, and the remaining 1% allocated to hedge funds.
