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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
FNCL
PRCD
CXGD
Caixa Geral de Depositos SA€500
1EMEA
Oct 13, 2026
currency
EUR
size (m)
500.000
maturity
Oct 20, 2030
type
Fixed to Floating
tenor
4.000
call
3.00
registration
Reg S Only
benchmark
Swaps
ranking
Senior Preferred
moody's
Baa1
s&p
A
fitch
-
size description
Will Not Grow
re-open/tap
No
ipt
MS+100 area
ipt-pxd
-30
guidance
STL
spread
70
coupon
4.125%
spread set
-
price
99.93600
yield
4.148%
book size (m)
3,300
peak book (m)
3,300
x-covered
6.6
book attrition
0.00%
nic
5
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
3,300
peak book (m)
3,300
x-covered
6.6
book attrition
0.00%
nic
5
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 3300; First Pay: 2027-10-20; Redemption: 2029-10-20; Registration: Reg S Only; Comments: OBL 2 ½ 10/11/29 #190 (@ 98.05) +95.4bps. HR 100%. Tax Call: Yes. Clean-Up Call: 75%. Regulatory Call: Yes. LEI: TO822O0VT80V06K0FH57;
Use of Proceeds
The net proceeds from the issue (or an amount equal thereto) will be separately identified and applied by the Issuer in financing and/or refinancing Green Eligible Projects (as further described in the Sustainable Funding Framework dated September 2025, published on the CGD Group’s website)
Relative Value

Green Senior Preferred FTF

NC3yr (Oct 2029) @ MS+100a

Implied Spread for fresh NC3yr @ MS+65
Priced at MS+70
NIC of +5

COMPS

Issuer

Instrum. Rating

Coupon

Maturity

Call Date

Size

Issue Date

Bid i-Spread

CAIXA GERAL DE DEPOSITOS

Baa1 / A / -

3

07/10/2031

NC30

500

Sep-25

71

CAIXA GERAL DE DEPOSITOS

Baa1 / A / -

3.625

20/05/2032

NC31

500

May-26

82