BBVA crashes core party, pays less for entry
BBVA joined a clutch of senior unsecured deals from core European banks on Tuesday to print a well-bid three year, shrugging off deterioration in sentiment towards periphery credits following last week’s Italian election.
BBVAs secondary curve, along with its Spanish peers, moved around 15bp wider last week as a hung parliament in Italy threatened to reignite the eurozone debt crisis.
But the issuer hit the market with a well-timed 1.5bn three year, which it was set to price at 273bp over mid-swaps
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