BBVA taps the market with a two-tranche senior preferred green bond in Swiss francs
BBVA has tapped the market today with a senior preferred debt issuance in Swiss francs. The green bond consists of two tranches: one maturing in four years (2030) and the other in seven years (2033). Initial price guidance for the four-year tranche is SARON Midswap + 75-80 basis points, while the seven-year tranche is priced at SARON Midswap + 90-95 basis points. UBS and Commerzbank are acting as bookrunners.
This issuance is part of BBVA Group's 2026 funding plan and aims to strengthen its buffer of eligible liabilities to meet the MREL requirement.
This is the Group's ninth debt issuance this year. In January, the bank placed €2,000 million in a dual-tranche senior non-preferred (SNP) debt issuance, its largest euro-denominated issuance in the past 20 years. In February, BBVA placed $2,500 million in another senior non-preferred debt issuance, the largest in its history in this currency. In April, it placed $2,250 million in a dual-tranche issuance, comprising $1,250 million in SNP debt and $1,000 million in AT1 instruments. In June, the bank placed €1,250 million in a senior non-preferred green bond issuance and €2,250 million in a dual-tranche covered bond issuance, its first since 2023. In August, it placed $2,300 million in a three-tranche issuance. In September, it placed a further €1,250 million in senior preferred green bonds and £600 million in senior non-preferred bonds.