BBVA to redeem a €1-billion CoCos issue early

BBVA Torres

CdM| The Spanish bank will redeem early an issue of preference shares convertible into ordinary shares for a total nominal amount of €1 billion, as reported Friday to the National Securities Market Commission (CNMV).

In this way, the entity has informed of its “irrevocable decision” to proceed with the redemption on September 24, coinciding with the first review date.

The redemption price for each preference share will be €202,937.50, equivalent to the nominal value of each share plus the amount of the remuneration accrued and not paid up to September 24, not included. This will be paid in accordance with the terms and conditions of the issue.

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