Spain debt

BBVA places 1.75 billion euros in a 3.5-year senior preferred debt issue in two tranches

The warm reception from investors allowed the initial price to be reduced by 20 basis points, to a mid-swap spread plus 60 basis points in the fixed range. In the variable coupon tranche, the price was set at the 3-month Euribor equivalent plus 64 basis points.

Demand was very high in both tranches. The fixed coupon tranche order book exceeded €2 billion, while the variable tranche received orders for €750 million.

The subscribing banks are Barclays, BBVA, BofA Securities, Citi, Crédit Agricole CIB and Credit Suisse.

This issuance is part of BBVA’s annual financing plan, which includes the issuance of up to €3 billion of senior preferred and non-preferred debt. The objective is to mitigate the low eligibility of instruments entering their last year of life due to MREL.

This is BBVA’s second bond issue this year. In January, BBVA placed €1 billion in a senior non-preferred bond as part of its 2022 funding plan.

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