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BBVA issues $1 billion in CoCos at 7%

Banco Bilbao Vizcaya Argentaria SA issued $1 billion in contingent convertible preferred securities with a coupon of 7%, according to an Aug. 28 report in Expansión.

The bonds are perpetual, but the Spanish lender has the option to buy them back in March 2025, the report said.

CoCo bonds, created after the financial crisis to protect undercapitalized banks, convert to equity if the issuer's capital ratios fall below a certain level. In this case, the ratio is set at 5.125%, the newspaper said.