Link Securities | BBVA (BBVA) placed on Wednesday €1 billion in a new twelve-year Tier 2 subordinated debt issue with a seven-year redemption option, according to Bolsamanía.com.
The price was set at mid swap + 200 basis points, lower than the starting price (mid swap + 225 basis points). BBVA points out in its press release that the market response has been significant, with demand exceeding €3 billion at times, tripling the amount finally allotted.
This new issue is part of BBVA’s financing plan for 2024m, which will be completed with this operation aimed at making the bank’s capital structure more efficient.
