Trading starts in Barcelona City bond

Eugenia Jiménez
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AIAF, the Fixed Income market of the Spanish Exchange Operator Bolsas y Mercados Españoles (BME), has admitted to trading the new social bond issued by the Barcelona City Council for a total amount of €35m.

The issue is part of a mandate – for a maximum amount of €86.1m – granted by the City Council’s Governing Commission to Crédit Agricole CIB, which has acted as the structuring entity and sole underwriter while Caixabank has been the agent entity and payment agent for the bonds.

The bonds, which have a maturity of ten years and an annual coupon of 1,92%, are part of the 2016-2019 local action plan, which sets the city’s objectives for sustainable social and economic development.

In order for a project to qualify as sustainable, its objectives must be the improvement of the population’s access to essential services, socioeconomic development and progress, affordable housing, job creation, energy efficiency and clean transport, prevention and control of pollution and development of infrastructures for sustainable water management.

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