BBVA Launches Three-Tranche Senior Non-Preferred Debt Issue in Dollars
BBVA launched a senior non-preferred debt issuance in US dollars on Monday, divided into three tranches: two three-year tranches (one with a fixed interest rate and the other with a variable rate) and a third 10-year tranche with a fixed interest rate. The placement agents were BBVA, BNP Paribas, Citi, RBC Capital Markets, Standard Chartered and Wells Fargo Bank.
The starting price for the fixed-interest tranches is 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.
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.