First Index-Linked Bond Issued In Spain - AIAF To List An Indexed Debenture Pegged To The RPI

AIAF has listed a bond issue from Caixa Catalunya with interest rate link to December’s interannual variation rate of the Spanish Retail Price Index (RPI). This is the first issue of this type listed on the Spanish Corporate Debt market. The issue has a total volume of 110,000,000 euros with a unitary nominal of 100,000 euros. The disbursement took on March 21, 2006 and the maturity date is March 21, 2021.

Interest rate is variable, pegged as a base rate to December’s interannual variation rate of the Spanish Retail Price Index (RPI), base 2001, or the successor to this, published by the National Statistics Institute on its web page, or the official institution that may replace it, being rounded up to one decimal point and with a minimum of zero. In the event that the cited General Index ceases to be published, without there being a successor index, the calculation agent will replace this with another one of similar characteristics, published by an officially recognised institution.

The base rate will increase by 0.20% between years 1 and 4, by 1.50% between years 5 and 11, and 1.75% between years 12 and 15. The Confederación Española de Cajas de Ahorro (CECA) is the payments agent on the issue.