BBVA plans ahead in AT1

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By Jasper Cox
19 Mar 2019

BBVA was set to replenish its additional tier one (AT1) capital base on Tuesday, launching a deal designed to give it more options when it comes to calling outstanding bonds.

The Spanish bank set out initial price thoughts in the 6.375% area for the perpetual non-call five year trade.

Bookrunners later announced final terms of 6% with an unreconciled order book at more than €2.5bn. BBVA had earmarked a size in the €750m-€1bn range at the outset ...

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