Description
At least 75% of the portfolio will be invested in subordinated debt (ranks last in creditor seniority). This may be in fully convertible bonds, possibly contingent, and normally issued as perpetual bonds with a repurchase option. These bonds may be converted into shares, up to a maximum of 25% of the portfolio or set up under a “principal write-down” system, whereby the contingency, upon triggering, will reduce the principal amount of the bond.
There is no predetermination regarding its credit rating, which may be low quality (lower than BBB-), unrated and high yield. The portfolio's holding period will be 0 to 8 years.
The benchmark for management of the fund will be the ICE BofA Euro Investment Grade Contingent Capital Index (COCE) at 55% and ICE BofA Euro Subordinated Financial Index (EBSU) at 45%. For informative or comparative purposes only.
The recommended time horizon is 5 years.
The full content of the investment policy, together will the rest of the legal information, can be found in the prospectus and in the key investor information document (KIID) available on the website www.caixabank.es, in the CNMV registry and on www.cnmv.es.