Bladex Successfully Launches Inaugural US$200 Million AT1 Notes Offering, Attracting Strong Global Investor Demand

Bladex (NYSE:BLX) has successfully completed its inaugural Additional Tier 1 (AT1) capital offering, raising US$200 million in perpetual, non-cumulative instruments.

Rhea-AI Summary

Bladex (NYSE:BLX) has successfully completed its inaugural Additional Tier 1 (AT1) capital offering, raising US$200 million in perpetual, non-cumulative instruments. The offering, priced at a 7.50% coupon with an initial seven-year call date, attracted significant investor interest with more than 3x oversubscription.

The landmark transaction represents Bladex's first hybrid instrument in capital markets, aimed at optimizing its capital structure in compliance with Basel III framework. The multinational bank, rated BBB/Baa2/BBB by major rating agencies, will use the proceeds to strengthen its capital base and support future loan growth while maintaining strong capitalization levels.

Positive

• Strong investor demand with 3x oversubscription indicating market confidence
• Successful pricing at 7.50% coupon rate for inaugural AT1 offering
• Strengthens capital base to support future loan growth
• Broadens access to new investor pools and enhances financial flexibility

Negative

• Lower credit rating for AT1 securities (BB-/Ba2/BB-) compared to corporate rating
• Perpetual nature of the securities may impact long-term debt structure

Argus Sep 12 session

-1.57% close to close Open Argus

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News Market Reaction – BLX

On Sep 12, the day this news came out, BLX closed 1.57% below the previous close.

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PANAMA CITY, Sept. 12, 2025 /PRNewswire/ -- Bladex today announced the successful pricing of its inaugural Additional Tier 1 (AT1) capital offering in the international markets, raising US$200 million. The perpetual, non-cumulative instruments, with an initial call date set for seven years, were priced at a 7.50% coupon and attracted significant interest from a broad and diversified base of global institutional investors. The transaction was more than three times oversubscribed, reflecting robust market confidence in the Bank.

This landmark transaction marks Bladex's debut of a hybrid instrument in the capital markets. The issuance is designed to optimize the Bank's capital structure, in full compliance with current local regulations and the Basel III framework. Proceeds will be used to further strengthen Bladex's capital base, supporting future loan growth while maintaining capitalization levels comfortably above regulatory requirements.

Jorge Salas, Chief Executive Officer of Bladex, said:
"This issuance represents a key milestone in Bladex's transformation journey, broadening access to new investor pools and reinforcing its long-term growth strategy, while also strengthening the Bank's capital position. A stronger capital base further supports our ability to finance trade flows and serve corporate clients across Latin America, while the robust investor demand and oversubscription reflect confidence in Bladex's vision and our role as a trusted regional partner in trade finance."

Annette van Hoorde de Solis, Chief Financial Officer of Bladex, added:
"We are very pleased with the outcome of our inaugural AT1 issuance, which broadens our access to global capital markets and enhances our financial flexibility. The strong oversubscription allowed us to achieve highly competitive pricing while raising additional resources to prudently expand our loan portfolio and maintain robust capital and liquidity metrics. We would like to thank our Global Coordinators, Bank of America and J.P. Morgan, as well as Jefferies in its role as Bookrunner, for their highly professional execution."

The transaction was jointly led by Bank of America Securities and J.P. Morgan Securities, LLC as Global Coordinators, with Jefferies acting as Bookrunner.

Bladex is rated BBB/Baa2/BBB (S&P/Moody's/Fitch), and the AT1 securities are rated BB-/Ba2/BB- (S&P/Moody's/Fitch)

Bladex is a multinational bank established in 1979 by the central banks of Latin America and the Caribbean to promote trade finance and economic integration in the region. Headquartered in Panama, with representative offices in Argentina, Brazil, Colombia, and Mexico, and a representative agency in the United States, the Bank provides financial solutions to institutions and corporations throughout the region. Bladex has been listed on the New York Stock Exchange (NYSE: BLX) since 1992 and on the Mexican Stock Exchange for over a decade. Its shareholder base includes central banks, government entities, and banks from twenty-three Latin American countries, as well as institutional and private investors.

Contact: 
Carlos Raad
EVP - Chief Investor Relations Officer and Sustainability
Email: ir@bladex.com
Head Office Address: Edificio Business Park, Torre V, Avenida La Rotonda, Urb. Costa del Este, Panama, Republic of Panama.
www.bladex.com      

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SOURCE Bladex

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the size and terms of Bladex's (BLX) AT1 notes offering?

Bladex raised US$200 million through perpetual, non-cumulative AT1 notes with a 7.50% coupon and an initial seven-year call date.

How was the market response to Bladex's AT1 offering?

The offering received strong investor demand and was more than three times oversubscribed, demonstrating robust market confidence in the bank.

What is the credit rating for Bladex's AT1 securities?

The AT1 securities are rated BB-/Ba2/BB- by S&P/Moody's/Fitch, while Bladex's corporate rating is BBB/Baa2/BBB.

How will Bladex use the proceeds from the AT1 offering?

The proceeds will be used to strengthen Bladex's capital base and support future loan growth while maintaining capitalization levels above regulatory requirements.

Who were the lead underwriters for Bladex's AT1 offering?

The transaction was led by Bank of America Securities and J.P. Morgan Securities as Global Coordinators, with Jefferies acting as Bookrunner.