Millenium Group has made public a 1.034% stake in Banco Sabadell articulated solely through financial instruments, as indicated in the records of the National Securities Market Commission.
Therefore, through an ‘equity swap’, the fund has 56.2 million shares which, at the price at which Sabadell is now trading, 1.46 euros per share, represent a value of 82.0 million euros. . Sabadell shares rise 1% this Tuesday on the stock market after a media session. Throughout this year, the bank has achieved a revaluation of 31.3%, growing from 1.13 euros per share to the current 1.46 euros.
During last year, the entity obtained a record profit of 1,332 million euros, which is 55.1% more than in 2022. This achievement has served to propose to its shareholders the payment of a complementary dividend of 0.03 euros per share and the implementation of a buyback of 340 million euros. In this way, the total shareholder remuneration for the year as a whole will be 666 million euros, also 55% more.
A 500 million bond maturing in 10 years
Banco Sabadell closed an issue of 500 million euros with a maturity of 10.25 years and an annual coupon of 5.125% at the end of last month, according to Europa Press. The issue of subordinated debt qualifies as ‘Tier 2’ capital and has an early amortization option after 5.25 years have passed. The price has settled at 240 basis points above the mid-swap.
The demand for the issue was around 2,000 million euros, which finally allowed the initial price to be lowered, which had been set at a differential of 270 basis points.
The book has been diversified in orders, with 36% of investors coming from the United Kingdom and Ireland, while another 24% are French, 13% Italian, 8% from the Nordic countries and Switzerland and 7% from Germany . and Austria. Spanish and Portuguese investors were close to 3%. In addition to Sabadell itself, Barclays, Crédit Agricole, Deutsche Bank, HSBC and ING have participated as placement entities.
