BBVA
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Nvidia's $25bn seven-tranche offering matched Meta’s issuance in late April which are only smaller than Amazon’s $37bn print from March -
◆ Bankers said the deal offered a few basis points of new issue premium ◆ Bank's last covered bond deal was in January 2025 ◆ Lead managers used a small set of comparables
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◆ Soft bullets offer no benefit to Spanish issuers — BBVA ◆ Investors like certainty of hard bullets, says banker ◆ Lead managers use seven Spanish deals as comps
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◆ Italian issuer's first covered since June 2023 ◆ Demand for seven year tranche was pleasing, says one banker ◆ Scarcity helped demand for euro transaction
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Burst of deals this year in uneven market suggests investors want alternatives to Treasuries
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◆ French issuer’s first green covered bond since April 2025 ◆ Order book closed at €2.4bn ◆ Issuer said green label helped 'differentiate' the bonds
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US bank eyes one of the tightest US preferred resets as BBVA goes for subordinated, senior combo
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◆ Issuer fixed size at €500m from outset ◆ Spread was over 20bp inside issuer’s last covered ◆ Covered was first from lender in 18 months
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◆ British building society landed first 10 year since before the war ◆ Pipeline expected to be slow from now ◆ Investors will watch secondaries for performance says lead
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Investors seek yield in long-dated FIG subordinated and senior markets
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Primary action in the US and several banks reporting points to a rebound of euro issuance this week
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Two senior investment bankers have resigned from SMBC, one headed to BBVA
