BBVA Places $2.5 billion of a Senior Non-Preferred Debt Issue, the Largest in its History in Dollars
BBVA placed $2.5 billion in a senior non-preferred debt issuance denominated in US dollars on Monday, in three tranches. This is the largest dollar issuance in the Group's history. Demand reached $9.2 billion, almost four times the amount offered.
The transaction consisted of three tranches: two three-year tranches (one with a fixed interest rate and the other with a variable rate) and a third ten-year tranche with a fixed interest rate. The final price of the fixed-interest tranches was set 30 and 25 basis points, respectively, below the initial price, which was IPT + 100 basis points for the three-year tranche and IPT + 135 basis points for the ten-year tranche. The three-year variable-interest tranche is indexed to the SOFR index. The placement agents were BBVA, BNP Paribas, Citi, RBC Capital Markets, Standard Chartered and Wells Fargo Bank.
This is BBVA's largest senior bond issuance in the last 21 years and the largest in the Group's history for a senior dollar-denominated bond. Furthermore, the three-year tranche represents the lowest spread ever paid in dollars for a Spanish SNP bond.
This issuance is part of the BBVA Group's financing plan for 2026 and aims to refinance issues eligible for MREL calculations and finance credit growth.
This is BBVA's second bond issuance of the year. In January 2026, the Group placed 2 billion euros from a two-tranche senior non-preferred debt issue.