BBVA Places €1.25 Billion in a Green Senior Non-preferred Issuance Backed by Strong Demand
BBVA has placed €1.25 billion in a green senior non-preferred issuance maturing on June 30, 2031. The transaction was very well received by investors, with demand exceeding €3.2 billion, more than 2.5 times the final issue size.
Strong market interest enabled BBVA to tighten the spread significantly, from initial price thoughts of midswap plus 95-100 basis points to a final spread of 70 basis points over midswap. The bond will carry a fixed annual coupon.
With this issuance, BBVA continues to access the capital markets to channel funding aligned with its sustainable financing framework. The proceeds will be allocated in accordance with the criteria set out in that framework.
BBVA acted as global coordinator and joint bookrunner alongside Crédit Agricole CIB, Deutsche Bank, HSBC and Lloyds.
BBVA’s first green issuance in 2026
BBVA’s most recent green issuance dates back to August 2025, when the bank placed €1 billion.
In addition, this is BBVA’s fifth issuance in 2026. Last week, the bank placed €2.25 billion in a dual-tranche euro covered bond issuance. In January, the bank placed €2 billion in a dual-tranche SNP issuance, its largest euro-denominated issuance in the last 20 years. In February, it placed $2.5 billion in another senior non-preferred debt issuance, the largest in its history in this currency. In April, it placed $2.25 billion in a dual-tranche issuance.