By Devika Patel
Knoxville, Tenn., Nov. 9 – Banco Bilbao Vizcaya Argentaria, SA (Baa1/BBB+/A-) priced $1 billion 6.125% non-step-up non-cumulative contingent convertible perpetual preferred Tier 1 securities (Ba2//BB) at par, according to an FWP filed with the Securities and Exchange Commission.
BBVA Securities Inc., BofA Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC are the joint bookrunners.
The interest rate is fixed until Nov. 16, 2027 and then resets every five years at mid-swaps plus 387 basis points.
BBVA may redeem the notes on Nov. 16, 2027 and at any time after this date.
Proceeds will be used for general corporate purposes.
The bank and finance company is based in Bilbao, Spain.
| Issuer: | Banco Bilbao Vizcaya Argentaria, SA
|
| Amount: | $1 billion
|
| Description: | Non-step-up non-cumulative contingent convertible perpetual preferred Tier 1 securities
|
| Maturity: | Perpetual
|
| Bookrunners: | BBVA Securities Inc., BofA Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC
|
| Coupon: | 6.125% for first five years; resets to mid-swaps plus 387 bps from Nov. 16, 2027 and every five years thereafter
|
| Price: | Par
|
| Call: | On or any time after Nov. 16, 2027
|
| Trade date: | Nov. 8
|
| Settlement date: | Nov. 16
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
| Distribution: | SEC registered
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
