BBVA bonds soar amid sale of US subsidiary

Tyler Davies

November 16, 2020 01:00 pm

BBVA_PA_575x375_161120 — A view of a logo of the Spanish banking entity Banco Bilbao Vizcaya Argentaria (BBVA) in Barcelona. Spanish financial institutions are forced to accelerate their restructuring plans and to undertake mergers due to the negative interest rates prevailing in the European Union. (Photo by Paco Freire / SOPA Images/Sipa USA) | SOPA Images/SIPA USA/PA Images

BBVA said on Monday that it had reached an agreement to sell its US subsidiary to PNC Financial Services. The Spanish bank’s bonds rallied sharply on the news of the deal, which will increase its main capital ratios by as much as 300bp.

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Topics

Spain JP Morgan UK EMEA People and Markets Bank Strategy BBVA Bank Capital FIG People and Markets Europe Regulatory Capital FIG

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Tyler Davies