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Finance

Finance

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.