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Bond Market News
Caixabank Upgraded to A- by Fitch
December 5, 2024
Caixabank SA was upgraded by a notch to A- from BBB+ by Fitch. The upgrade follows an improvement in the operating environment for Spanish banks with economic growth and reduced private-sector debt spurring loan demand. Caixabank’s diversified business model supports its resilience through economic cycles. The bank has a strong domestic presence with a 24-25% market share in loans and deposits, and is expanding in international corporate banking. The bank’s profitability remains strong, supported by high interest rates, low funding costs, and robust revenue from wealth management and insurance. The bank’s CET1 ratio of 12.2% as of September 2024 is lower than its European peers, however, its liquidity coverage ratio is among the highest of Europe’s largest banks.
Its bonds continued to trade stable with its 6.84% 2034s at 108.21, yielding 5.64%.
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