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BBVA issues €1B in Additional Tier 1 bonds

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BBVA issues €1B in Additional Tier 1 bonds

said April 7 that it launched the same day its fourth issue ofcontingent convertible bonds.

The€1 billion of Additional Tier 1 bonds carry a coupon of 8.875% and are callableafter five years. The conversion trigger for the perpetual CoCo bonds was setat a common equity Tier 1 ratio of 5.125%.

About270 investors participated in the issue, with demand reaching €2.75 billion.

Merrill Lynch and Goldman Sachs International acted asglobal coordinators. BBVA, Credit Suisse, HSBC, J.P. Morgan and SociétéGénérale CIB acted as book runners.

ErikSchotkamp, BBVA's capital and funding management director, noted that"BBVA has already got through the four issues launched since 2013 the 1.5%of Tier 1 capital that CRD IV regulation allows to be counted."