2022-24 Strategic Plan Update
4 Q23 P&L AND BALANCE SHEET
Comfortable MREL and Sub. MREL position
2024 Funding Plan focused on rollover of upcoming MREL maturities
MREL STRUCTURE VS. REQUIREMENTS
Group MREL stack PF (1) as of 31 December 2023 vs. requirements (2), in % of RWAS
CaixaBank
2023: CONTINUED AND SUCCESSFUL MARKET ACCESS- 36% IN NON-EURO CURRENCIES
MREL stack PF/components (1)
SREP and MREL Requirements for 1 Jan. 2024 (2)
€Bn eq.
2023 Issuances (3)
Breakdown of 2023 issuances by currency, in % of total
in € eq.
26.44%
SP
2.3
3.58%
22.86%
64%
EURO
30%
USD
SNP
5.5
24.31%
6.12%
Tier 2
1.6
16.73%
AT1
0.75
14.41%
6%
GBP
2.32%
18.47%
TOTAL
10.1
12.38%
2.03%
12.85%
10.41%
8.58%
2024: LIMITED ISSUANCE NEEDS FOCUSED ON MREL -WHILE REMAINING ACTIVE IN TERMS
OF CURRENCY DIVERSIFICATION
€Bn eq.
2024E Issuances (4)
Maturities as of
YE23(6), in Bn eq.
2024
2025
SP
CET1
Tier 1 PF
Total Capital PF
Sub. MREL PF
MREL PF
SNP
1.5-2.0
3.0
SP
1.5
2.0
SNP
2.5
2.6
Tier 2
Tier 2
1.0
1.0
M-MDA BUFFER PF
MREL PF (1) vs. 2024 requirement (2)
213 bps
€4.9 Bn
AT1
0.75 Issued in Jan-24(5)
AT1
1.0
.
TOTAL
6.0
5.6
TOTAL
5.5
(1) MREL stack including IFRS 9 transitional arrangements. Tier 1, Total Capital, Sub. MREL and MREL PF including January 2024 AT1 issuance (€750M) and tender offer (-€605M) as well as excluding €1Bn Tier 2 called in January and effective in February
2024. Reported Tier 1/Total Capital/Sub. MREL/MREL ratios at 14.35%/17.11%/23.23% / 26.81%, respectively. (2) SREP requirements for 2024 received in December 2023 with P2R at 1.75% and the O-SII buffer at 0.50%. Assuming counter-cyclical buffer at
0.10% (estimate as of December 2023). MREL and Sub. MREL requirements received in March 2023, both including the CBR as of December 2023. (3) CABK ex BPI. Additionally, CABK and BPI issued respectively €200M and €750M covered bonds in 2023.
(4) CABK ex BPI. (5) €750M AT1 issued in January 2024 (7.5% PNC6.5) together with a tender offer exercise for 6.75% AT1 perp non-call June 2024. (6) Maturities consider potential call dates for callable issuances and maturity dates for bullet issuances. As
of February 2024: €605M AT1 repurchased; the call of €1Bn Tier 2 announced and to be effective in February 2024; €1Bn SNP maturity in early February.
49View entire presentation