BBVA
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Investors seek yield in long-dated FIG subordinated and senior markets -
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
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◆ BBVA opts to go long amid attractive absolute spread levels ◆ Pays slim concession ◆ Higher paying RBI lands flat to fair value backed by strong demand
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◆ Last euro non-preferred issued more than two years ago ◆ Debate on premium paid with leads spotting 'at least' a 5bp concession ◆ Final spread still a tight absolute level
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Islamic Development Bank deal sold inside the curve
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◆ IDA fair value more art than science ◆ MuniFin gets over 140 accounts in its book ◆ Madrid makes debut EuGB trade
