BBVA and DNB work on MREL with pref senior

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By David Freitas
07 Nov 2019

BBVA and DNB Bank were both looking to build towards their minimum requirements for own funds and eligible liabilities (MREL) in the euro market on Thursday, eschewing non-preferred senior issuance in favour of the cheaper preferred senior format.

BBVA, BNP Paribas, Bank of America, ING, JP Morgan and UniCredit were running the books for BBVA's deal.

The Spanish bank was marketing a seven year preferred senior bond, with expected ratings of A3/A-/A.

Lead managers started the trade with price thoughts ...

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