Novobanco to issue €500 million in bonds at 3.38%

Novobanco has authorised a banking syndicate to place €500 million in covered bonds onto the market.

This is according to Bloomberg that said the operation was led by Barclays together with Crédit Agricole, Deutsche Bank, IMI-Intesa Sanpaolo, and LBBW.
The €500 million in bonds are secured by a number of assets with a three year maturity according to the US news agency.
Despite not having given a specific date for the operation, it is likely to take place soon and will be subject to market conditions.
The last issue of Novobanco bonds took place in May 2023 when the bank put €500 million in subordinated bonds on the market.
At the time, the institution led by Mark Bourke, intended to raise only €400 million, but demand that was three times the offer led the bank to up the value to €500,000.
Novobanco closed 2023 with profits of €743.1 million — the highest profit it had ever had and an increase of 32.5% on the previous year.