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BBVA issues €1.5B in senior nonpreferred debt

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.