BBVA
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Burst of deals this year in uneven market suggests investors want alternatives to Treasuries -
◆ 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
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◆ Bankers see European FIG market at near perfection ◆ BBVA extends curve though pays more for 10 year non-preferred foray ◆ UBS goes big in belly and long end at minimal concession
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Middle of next week eyed for first deals of year
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Spanish bank's research says heavier-than-normal redemptions in 2026 will pressure euro covered net supply
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◆ Investors absorb new bank capital ◆ BBVA prices at tightest euro AT1 reset spread of 2025 ◆ Eurobank returns after May AT1 debut
