Spain

◆ BBVA opts for green five year bullet ◆ Pays concession for secondary performance ◆ Outperforms SNP supply from last week

◆ Less frequent issuers bring fifth and sixth euro SNPs of the week ◆ Mid-level durations 'working well', lead says ◆ Premiums paid

◆ Books remain intact with premiums paid ◆ Investor fatigue setting in ◆ Yields falling after Iran-US peace deal progress

◆ Fragile US-Iran peace gives risk assets an excuse to rally ◆ Canaries debuts amid clash over Spanish regionals' run ◆ Dollars run dry as borrowers eye late June pre-funding, summer lull

◆ Fair value estimated ◆ 'No fatigue' despite ongoing supply ◆ Increasing international investor base

◆ Busy couple of weeks the Spanish public sector ◆ Madrid, Andalucia also printed, Basque next ◆ 1bp of NIP paid on slightly softer day

◆ Smooth return is well telegraphed ◆ Pricing behind benchmark ◆ Label's diminishing edge

◆ Market conditions worsened in afternoon ◆ Deal priced flat to fair value with minimal attrition ◆ Bucks NIP trend from recent deals

◆ Peak demand tops €3.65bn ◆ Orders stick after 37bp tightening ◆ Deal lands close to fair value

◆ Rare deal unhindered by softer market open ◆ Follows recent south European trades from Abanca, Bankinter, and CredEm ◆ Triple digit spread attracts 'quality' book

◆ Madrid lands at same level as 10 year ◆ Second EuGB from Madrid ◆ NWB makes euro benchmark 2026 debut

◆ Issuer's first trade of 2026 ◆ Premium paid as 'investors not chasing everything' ◆ First SP from a Spanish bank since February