BPI raises €950M in senior debt, one of Portugal's largest such deals
What's the deal? Portugal's Banco BPIDealroom has a profile for this one. Try Dealroom → is issuing €950 million in senior non-preferred debt, fully subscribed by its Spanish parent CaixaBankDealroom has a profile for this one. Try Dealroom →, the bank said in a statement. It will also make an early repayment of a €700 million issuance.
The details: The new debt, issued under the Euro Medium Term Note Programme, splits into a €500 million tranche maturing in November 2031 and a €450 million tranche maturing in November 2032. Both carry floating coupons tied to six-month Euribor, plus spreads of 0.81% and 0.90%, respectively. Settlement is set for September 28.
Why now? The moves aim to keep BPIDealroom has a profile for this one. Try Dealroom →'s eligible liabilities aligned with its Minimum Requirement for Own Funds and Eligible Liabilities (MREL). At the end of June 2026, its MREL ratio stood at 28.2% of risk-weighted assets, above the 26.6% requirement; after these operations, the pro forma ratio rises to 29.4%.
What else? On October 6, 2026, BPI will make the early repayment of a €700 million senior non-preferred issuance, also fully subscribed by CaixaBank. The substitution had prior approval from the Single Resolution Board, the eurozone's resolution authority.
The signal: At €950 million, the deal ranks among the largest post-IPO debt raises in Portugal, above roughly the 91st percentile of all such rounds recorded there. It underscores how banks continue tapping intra-group funding to manage regulatory capital buffers.
Read more: jornaleconomico.sapo.pt
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