BBVA
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◆ Shorter tranche tightened more than longer ◆ Largest single euro covered tranche since 2024 ◆ Banker said longer end paid more premium -
◆ Spreads tightened on eight and 12 year tranches ◆ Banker had issuer paying 2bp NIP on both legs ◆ ING’s second covered deal of 2026
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Late Labor Day this year and mid-September FOMC will constrain September issuance window
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Fifteen firms join syndicate as firm re-enters north America
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Deal includes $1bn 3.75 year term loan
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The German pharmaceutical wholesaler was upgraded to BBB- by S&P last month
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Oil major attracts 20 banks to two year loan underwritten by BNP Paribas and Société Générale
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Greenshoe option fully exercised, bringing deal to €330m
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After the busiest June since 2010, banks are well progressed in the covered funding programmes
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Sidra Taj had been with the Emirati bank for 8 years
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◆ BBVA opts for green five year bullet ◆ Pays concession for secondary performance ◆ Outperforms SNP supply from last week
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◆ Dutch bank is a regular covered bond issuer ◆ Issuer's tightest spread since October 2024 ◆ Deal's 'reluctant reception' was 'a bit of a pity', says banker
