BBVA today placed a 3-year €1 billion issue, with a redemption option in the second year. This is the first senior preferred debt issue of BBVA in 2023.
BBVA saw investor demand climbing over €2 billion with a very diversified order book, and more than 170 orders. The demand allowed it to reduce the cost to a final mid-swap +67 bps, from the initial mid-swap +90 bps.
The issue will be registered in the Dublin stock market, and under Spanish law. In addition to BBVA, underwriters included Deutsche Bank, HSBC, Société Générale and UBS.
This issue is in line with BBVA funding plan for 2023. So far this year, BBVA has placed two other issues. The first in January 2023, when it issued a senior non-preferred bond for €1 billion, with an 8-year maturity. The second one, also in January, was a 4.5-year €1.5 billion covered bond issue.