Side-by-side credit pricing comparison from Pillar 3 disclosures.
On a representative BBB+ EUR 25M 5-year term loan, CaixaBank is the cheaper lender by 31bp in minimum spread. For a EUR 25M facility, that's EUR 76,277 per year.
| Metric | BBVA Spain |
CaixaBank Spain |
|---|---|---|
| IRB approach | F-IRB | F-IRB |
| Cost-to-income | 38.2% | 39.4% |
| Effective tax rate | 34.0% | 28.0% |
| Avg corporate PD | 1.76% | 3.10% |
| Avg LGD unsecured | 38.3% | 38.4% |
| Avg LGD secured | 23.0% | 23.0% |
| Funding spread (bp) | 18bp | 15bp |
| Corporate EAD | EUR 157bn | EUR 104bn |
Both banks priced on the exact same deal — 150bp spread, 20bp commitment fee, 60-month maturity. Higher RAROC means the bank earns more from this deal. Lower min-spread means the borrower gets a better rate.
| Component | BBVA | CaixaBank |
|---|---|---|
| Annual revenue | EUR 385,000 | EUR 385,000 |
| Operating cost | EUR 154,000 | EUR 154,000 |
| Expected loss | EUR 28,750 | EUR 28,750 |
| Capital required (FPE) | EUR 2,451,320 | EUR 2,451,320 |
| RAROC (after tax) | 6.20% | 7.01% |
| Min spread for 12% RAROC | 294bp | 263bp |
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