BBVA and Santander came to the euro-denominated FIG market on Wednesday to make use of favourable conditions, proving that it is deep enough to digest supply from two issuers from the same country. Both banks priced their deals close to or at fair value.
BBVA was seeking a green bond in senior non-preferred format, with a seven year tenor.
It ran the sale along with Commerzbank, HSBC, ING, Natixis and UBS.
The bookrunners started with initial price thoughts of 120bp-125bp area over mid swaps. Guidance was set