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
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: firstname.lastname@example.org
To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: email@example.com or find out more online here.