By Ed Frankl

CaixaBank SA said late Wednesday that it has launched its fifth issue of convertible preference shares for 750 million euros ($800.3 million).

The Spanish bank received demand of EUR2.5 billion, allowing the coupon to reduce by 37.5 basis points to a coupon rate of 8.25%, it said.

The bonds are perpetual, with the possibility of early redemption from March 2029, the bank said.

The issuance, CaixaBank's third debt issue in 2023, strengthens its solvency ratio to 15.1% for Tier 1 capital, it added.

Write to Ed Frankl at edward.frankl@wsj.com

(END) Dow Jones Newswires

March 02, 2023 03:03 ET (08:03 GMT)

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