Banco Bilbao Vizcaya Argentaria SA issued €1.5 billion in senior five-year senior nonpreferred notes, the lowest-priced issuance of such notes by a Spanish lender.
The notes carry a floating-rate coupon equivalent to the three-month Euro Interbank Offered Rate plus 52 basis points, with orders reaching €3.4 billion, according to a Feb. 27 release. The bank said it hopes to issue between €2.5 billion and €3.5 billion of such securities in 2018, depending on market conditions.
Senior nonpreferred debt is a relatively new category created to comply with global and European regulations on loss-absorbing capital.
BBVA, Barclays, Morgan Stanley, Natixis, UBS and ING Wholesale Banking London served as book runners on the issuance, Cbonds reported Feb. 28.
