BBVA pads AT1 stock ahead of 2018 call date
BBVA issued $1bn of perpetual non-call 10 additional tier one (AT1) notes on Wednesday, in a deal paving the way for it to redeem a bond next year that will be the first European AT1 issued in a core currency to reach its call date.
With a coupon of 6.125%, the new bond has the lowest ever coupon for an AT1 issued by a southern European bank in dollars. Market participants said it looked like the bank was pre-funding for next year.
BBVA was one of the first European banks to issue an
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