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.
This Tuesday, BBVA launched an 8-year senior non-preferred debt issue, maturing in January 2031, with a redemption option in the seventh year. The exit rate is MS+190/195bps. This is the Group's first issue in 2023.
On Thursday, BBVA CEO Onur Genç was recognized by the Spanish-Turkish Chamber of Commerce in the professional merit category for his career at the bank. At the awards ceremony, Genç reviewed BBVA's role as a link between markets as important as Latin America and Spain and a country with as much potential as Turkey.
The British publication, which is part of the Financial Times group, selected the BBVA Group as the Global Bank of the Year. The Banker also recognized BBVA as the Best Bank in Western Europe, Spain, Peru and Colombia. The magazine pointed to the Group’s strong financial fundamentals and innovation and sustainability strategies, which put it ahead of its peers.
The BBVA Board of Directors approved Wednesday the bank adhering to the measures included in the new Code of Good Practice (CBP in Spanish) to help customers at risk of vulnerability with mortgages, as well as the expansion of the Code of Good Practice, which has been in force since 2012.
Several innovation hubs across Latin America paint a picture of a bubbling but unevenly distributed entrepreneurial landscape: Brazil's biggest city accumulates a growing number of unicorns, while Lima is trying to carve out a niche for itself. With sectors such as fintech and e-commerce leading innovation and growing support from investors, Latin America is putting on a strong show on the international stage.
BBVA Chair Carlos Torres Vila said “Onur Genç is exceptional as a person, exceptional as a professional and as a team leader, and the bank’s excellent results are proof of that” with “an outstanding performance in all areas”. “This is the unanimous view of the BBVA Board. In short, we could not have a better CEO than Onur.” At an event in Madrid organized by the Spanish business association APD and Kearney, Torres Vila said some media reports speculating over a possible change of CEO were “a complete fabrication.”