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Debt issuance

07 Nov 2023

On Tuesday, BBVA placed $750 million in the first issue of Tier 2 subordinated debt that it has registered with the US SEC. The price has been set at the US Treasury rate plus 330 basis points, 5 basis points below the starting price. Demand has exceeded supply by 2.5 times. This marks BBVA’s second issue in dollars so far this year, following the placement of an AT1 issue in the same currency in September.

11 Sep 2023

23 Aug 2023

BBVA today tapped the market for £300 million via a Tier 2 subordinated debt issue. The interest rate was set at UKT + 360 basis points, at the low end of the starting range (360-365 basis points). Demand reached £390 million. The issue drives forward BBVA's funding plan for 2023, in alignment with its strategy to optimize its capital structure. The issue was denominated in sterling to diversify the investor base.

13 Jun 2023

07 Jun 2023

BBVA went to market this Wednesday with a €750 million Tier 2 subordinated debt issue, maturing in September 2033 and with a three-month daily call option period between June and September 2028. The pricing was finally set at midswap plus 280 basis points. This was significantly below the initial pricing of midswap plus 305 basis points. Demand was high: €1.6 billion, and more than 130 orders. The bookrunners were BBVA, BNP Paribas, ING, JP Morgan and Unicredit.

02 May 2023

30 Jan 2023

10 Jan 2023

BBVA launched a 4.5-year covered bond today, which raised proceeds of €1.5 billion. The initial offered pricing (mid-swap rate plus 32 basis points) was lowered to the mid-swap rate plus 27 basis points thanks to strong demand of €3 billion. The issue will be listed on the Madrid market under Spanish law. This is the bank’s first issuance of this kind of debt since November 2016.

03 Jan 2023

15 Nov 2022

BBVA placed CHF 425 million of a senior preferred bond issue today. The labeled green bond is divided into two tranches with maturities of three and six years. The first tranche, maturing in 2025 and comprising CHF 215 million, bears interest at SARON mid-swap plus 108 basis points, while the second tranche, maturing in 2028 and comprising CHF 210 million, bears interest at SARON mid-swap plus 123 basis points.

13 Sep 2022

BBVA placed a €1.25 billion senior preferred bond on the market today with a five year maturity. The issue price closed at an interest rate of mid-swap plus 115 basis points, significantly lower than the initial price (mid-swap plus 140/145 basis points). This represents a new issue premium of just 10 basis points over its fair value, considerably lower than the premiums obtained for recent operations in the debt market. The coupon was set at 3.375 percent.

06 Sep 2022

18 May 2022

08 Mar 2022

Starting Jan 1, 2022, BBVA must meet a volume of own funds and eligible liabilities (MREL) of 21.46 percent, or 24.72 percent including the requirement of combined capital buffers in terms of its risk-weighted assets (RWAs). As of December 31, 2021, the bank already complied with this requirement, reaching 28.24 percent, as well as with the subordination requirement.

05 Jan 2022

17 Jun 2021

BBVA was named Most Innovative Financial Institution Borrower in this year’s edition of the Bond Awards, promoted by Global Capital magazine to recognize key achievements across all the main segments of the international bond markets. The world’s first green CoCo and the first COVID-19 social bond by a private European financial institution were the two landmark transactions that showcased BBVA’s capability to surprise the market.

16 Mar 2021

BBVA today placed a 6-year €1 billion senior preferred debt issue, with maturity in March 2027, and an option for early redemption after five years. Final demand exceeded the initial offer 1.5 times, up to more than €1.5 billion, spread over 125 orders. The interest rate was mid-swap + 52 basis points, below the estimated exit rate of mid-swap + 70-75 basis points.

12 Nov 2020

10 Sep 2020

BBVA placed on Thursday a $2-billion issue of senior preferred debt filed with the U.S. SEC. The issue consists of two tranches, with a maturity of three and five years: The three-year tranche accounted for $1.2 billion, while the five-year one reached $800 million. Demand topped a maximum of $5 billion, with 210 orders, and the book closed with orders of $4.5 billion: $2.5 billion for the three-year tranche and $2 billion for the five-year tranche. Investors' appetite allowed for the starting price to be set lower. The interest rate has been set at the U.S. Treasury rate plus 75 basis points spread for the three-year tranche (versus a starting spread of 100 bps) and a 100 bps spread for the five-year tranche (vs. a starting spread of 125 bps).

10 Jul 2020

For the second time in a week, BBVA is tapping wholesale markets with a debt issue. In this case, it is a subordinated Tier 2 bond in pound sterling, with an 11-year maturity term and a six-year early amortization option. The issue closed raising £300 million at an initial coupon rate of UKT plus a spread of 315, the reference index for this type of issuance. On July 7, BBVA successfully completed the issuance of a €1 billion bond, the first green bond ever in AT1 format by a financial institution at international level.

07 Jul 2020

BBVA successfully launched the first-ever green contingent convertible (CoCo) bond by a financial institution, worth €1 billion. The issue was oversubscribed by almost a factor of three, and the high-quality order book drew 225 orders. Strong interest from investors allowed the company to lower the yield from its initial guidance of 6.5 percent to 6 percent.

27 May 2020

BBVA placed a €1 billion  inaugural COVID-19 social bond on the market today, making it the first private financial institution in Europe to do so. Demand was close to €5 billion, nearly five times more than the initial offer. The funds will be primarily allocated to mitigating the severe economic and social impact caused directly and indirectly by the COVID-19 pandemic. The interest rate was set at 112 basis points over mid-swap, 33 basis points below the initial target price (145 bps over mid-swap).

13 Feb 2020

14 Jan 2020

The new year kicked-off with a deluge of corporate issuances. Last week Europe’s bond market had its biggest week ever, with sales of new bonds totaling over €90 billion. Financial institutions accounted for approximately half of the total (€43 billion). BBVA issued two bonds that were warmly welcomed by investors.

10 Jan 2020

07 Jan 2020

BBVA kicked off 2020 with a €1.25 billion non-preferred 7-year bond issue, the year’s first by a Spanish bank. The bond received a warm welcome from investors and was two-times oversubscribed, with demand exceeding €2.6 billion and drawing a high-quality order book. All this enabled BBVA to price the bond at 70 basis points over mid swap, compared to the initial guidance of 90 basis points.

28 Aug 2019

BBVA issued a $1 billion contingent convertible bond (CoCos), with demand exceeding by almost eight times the initial offer ($7.8 billion) and more than 410 orders from investors. High demand for the issuance allowed it to close at a very attractive price, with a coupon of 6.5 percent in dollars (0.50 basis points below the initial price of 7 percent), which is equivalent to a 4-percent coupon in euros.

19 Mar 2019

14 Feb 2019

BBVA has issued a €750 million 10-year Tier-2 subordinated bond.  A high demand of €4.25 billion – with 260 orders – exceeded by more than five times the bond value, making it possible to reduce the mid swap price +245 basis points, 30 basis points below the initial price. The order book closed in only three hours. The issue achieved the lowest 'spread' of a subordinated issue for BBVA since 2007.

18 Sep 2018

BBVA has issued a €1 billion contingent convertible bond, or CoCo, (Additional Tier 1 or AT1) with a coupon of 5.875 percent, equaling its lowest-ever rate for this type of issue. High demand has allowed it to reduce the coupon by 50 basis points, from the initial 6.375 percent. This is a perpetual instrument (without a specific maturity date) over which the issuer reserves a call option in the fifth year.