BBVA has launched a five-year Covid-19 issue, the first of its kind by a financial institution in Europe. The resources will be used to finance eligible social projects, mainly to mitigate the severe economic and social impact caused directly or indirectly by the pandemic.
This Senior Preferred Issue (SP) is BBVA’s fourth wholesale issue this year. It is part of the commitment of the Spanish lender, headed up by Carlos Torres, as an issuer of bonds linked to sustainable development goals (SDGs). This allows the bank to establish itself as a pioneering financial entity in the launch of green bonds in Spain and now of the Covid-19 social bonds in Europe.
In addition, this issue, launched at a midswap rate plus 145 basis points, allows the bank to refinance the 1 billion euro 2016 Senior Preferred Issue that matures in less than a year.
BBVA itself is participating as a structuring advisor in the issue, with Banco Azul, Deutsche Bank, Natixis, Nomura, Societe Generale and UniCredit as underwriters.
