Banco Caminos and Bancofar register the first dual Covered Bonds programme in MARF

20 November, 2020

  • Each of the companies may issue up to 300 million euros, to a maximum of 600 million in aggregate

BME’s Fixed Income Market, MARF, has admitted to trading the first Dual Covered Bonds Programme from Banco Caminos and Bancofar. This novel issuance structure in this fixed income market will allow Banco Caminos and Bancofar to place different Covered Bond issues over the course of a year, up to a combined 600 million euros. The maturities of each of the bonds tranches will be determined individually for each of the issues and their interest rates may be fixed or variable depending on the performance followed by a benchmark. Likewise, each of the issues launched under the Programme may be subject to a credit rating by an agency registered with ESMA and in accordance with European regulations’ provisions on credit rating agencies.

Intermoney Valores is Banco Caminos and Bancofar’s Financial Advisor and Registered Advisor in MARF, while Ramón y Cajal Abogados has acted as legal advisor to the issuers concerning the Programme’s registration.

Banco Caminos and Bancofar are two credit institutions that are part of Grupo Caminos. Grupo Caminos is made up of a group of financial and non-financial companies that provide services in Spain and whose objective is to offer their clients a diversified and customised offering based on a proprietary and tailor-made product and service model. Banco Caminos is the Group’s parent company and is mainly concerned with the reception of public funds that are earmarked for granting loans, credit facilities and other financial operations. Bancofar's core business consists in carrying out all kinds of activities, transactions and services within the banking and financial intermediaries’ sectors.

"The MARF fixed income market continues making progress with the arrival of new issuers, products and flexible issuance structures that help companies meet their financial objectives and access new financing sources ", highlights Gonzalo Gómez Retuerto, General Manager of MARF.

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