BBVA was named Most Innovative Financial Institution Borrower in this year’s edition of the Bond Awards, promoted by Global Capital magazine to recognize key achievements across all the main segments of the international bond markets. The world’s first green CoCo and the first COVID-19 social bond by a private European financial institution were the two landmark transactions that showcased BBVA’s capability to surprise the market.
To choose the winners of its Bond Awards, Global Capital surveyed a pool of participants in the international bond markets including issuers, investment banks and investors. BBVA was named Most Innovative Financial Institution Borrower. This year’s awards took into account activity in the bond market between July 2020 and March 2021.
According to BBVA Group’s debt issuance team, this recognition validates BBVA’s commitment to “keep spearheading the green and social bond markets, creating new formats and promoting the transformation of the balance sheet.”
True to this commitment, BBVA pushed new boundaries with the issuance of the world’s first green contingent convertible bond (CoCo) by a financial institution. The $1 billion bond was issued in July 2020, garnering demand almost three times the issuance size.
Earlier that same year, in May, BBVA issued another $1 billion bond which became the first COVID-19 social bond issued by a private financial institution in Europe. Investor demand exceeded five times the size of the transaction.