BBVA

◆ Spanish bank obtains regional investor diversification and fresh capital ◆ Deal highlights subordinated funding is cheaper in dollars than euros ◆ Other banks should be encouraged to issue in dollars

◆ Spanish bank adds dollar AT1 to 2023 sub debt mix ◆ Deal attracts 'encouraging' European support despite recent local market outing

Whether to push on with supply or take a break divides participants

◆ Slimly subscribed deal spotted 2bp-3bp tighter ◆ Undersubscribed Santander UK senior deal also above par ◆ Sterling investors hope for a break in supply after difficult week

Former global head of CIB will take on the new role

Spanish agency served up 10th social bond as similarly labelled issuance has declined 10% year-on-year

The Spanish region served up its sustainable debut to raise €500m

Demand for high yielding paper drives comeback for most subordinated bank capital

Global head has assumed responsibility for primary as well as secondary credit markets

◆ Spanish litmus test for appetite after CS corrosion ◆ Pricing differed, books less so

◆ Spanish firm goes for price over size ◆ Slim 10bp concession needed to seal the deal ◆ Book builds appearing slower as the week progresses

Issuers must pay elevated premiums for new euro deals, but pricing still cheaper than dollars