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# CaixaBank Issues EUR 1 Billion Tier 2 Social Bond, Tightest Southern European Spread Since 2021
- URL: https://www.theglobalbanker.com/caixabank-eur-1-billion-tier-2-social-bond-november-2025/
- Published: 2025-11-06T18:29:00.000Z
- Updated: 2026-10-02T14:19:09.000Z
- Description: CaixaBank priced a EUR 1 billion Tier 2 social bond at 145bps over midswap, the tightest such spread from Southern Europe since 2021, with a EUR 1.9bn order book.
- Author: TGB Editorial Team
- Tags: ESG, Europe, #archive

CaixaBank has priced a EUR 1 billion Tier 2 social subordinated bond, its seventh social bond issuance, carrying a coupon of 3.875% at a spread of 145 basis points over midswap. The transaction features a 12.5-year maturity with a call option at 7.5 years and attracted an order book exceeding EUR 1.9 billion, achieving the tightest spread for a comparable Tier 2 maturity from any Southern European issuer since 2021.

Proceeds will be directed toward poverty reduction, financial inclusion, and social housing initiatives in disadvantaged areas across Spain. The transaction represents CaixaBank's seventh consecutive annual social bond issuance, with a social bond brought to market every year since 2019.

#### ELIGIBLE SOCIAL PORTFOLIO SPANS EUR 9.7 BILLION

The bond is backed by an eligible social portfolio valued at EUR 9.7 billion, encompassing a range of activities that address social deficits across the Spanish economy. Sustainable employment generation accounts for the largest share at EUR 4.59 billion, followed by financial inclusion at EUR 2.26 billion, health-related services at EUR 1.22 billion, and gender equality programmes at EUR 977 million. 

#### CUMULATIVE ESG ISSUANCES REACH EUR 14.5 BILLION

The November transaction brings CaixaBank's total accumulated ESG issuances to EUR 14.5 billion, alongside GBP 500 million and CHF 300 million, spread across 16 bonds comprising nine green and seven social instruments.