By Cristal Cody
Chicago, Sept. 7 – Banco Bilbao Vizcaya Argentaria SA priced $1.75 billion of senior non-preferred fixed-to-fixed rate notes (Baa2/BBB+/BBB+) on Tuesday in two parts, according to an FWP filing with the Securities and Exchange Commission.
Both parts priced at par.
The bank priced $1 billion of notes due 2026 with a 5.862% starting rate, with a reset on Sept. 14, 2025 to the one-year Treasury plus 230 basis points. Spread pricing came at 230 bps over Treasuries versus talk in the 250 bps area.
The second tranche priced as $750 million of notes due 2028 with a starting 6.138% rate, with a reset on Sept. 14, 2027 to the one-year Treasury plus 270 bps. Spread pricing came at 270 bps over Treasuries after talk in the 290 bps area.
The notes are callable at par on the reset dates.
Joint bookrunners for the offering are BBVA Securities Inc., BofA Securities Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs Bank Europe SE, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and TD Securities (USA) LLC.
Proceeds will be used for general corporate purposes.
Listing will be on the New York Stock Exchange.
The multinational bank is based in Madrid.
| Issuer: | Banco Bilbao Vizcaya Argentaria SA
|
| Amount: | $1.75 billion
|
| Issue: | Senior non-preferred fixed-to-fixed rate notes
|
| Bookrunners: | BBVA Securities Inc., BofA Securities Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs Bank Europe SE, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and TD Securities (USA) LLC
|
| Trustee: | Bank of New York Mellon, London Branch
|
| Counsel to issuer: | J&A Garrigues SLP and Davis Polk & Wardwell LLP
|
| Counsel to underwriters: | Sidley Austin LLP
|
| Trade date: | Sept. 6
|
| Settlement date: | Sept. 14
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB+
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
|
|
| 2026 notes
|
| Amount: | $1 billion
|
| Maturity: | Sept. 14, 2026
|
| Coupon: | 5.862% starting rate, resets on Sept. 14, 2025 to one-year Treasury plus 230 bps
|
| Price: | Par
|
| Yield: | 5.862%
|
| Spread: | Treasuries plus 230 bps
|
| Call features: | Callable at par on Sept. 14, 2025
|
| Cusip: | 05946KAK7
|
| Price talk: | Treasuries plus 250 bps area
|
|
|
| 2028 notes
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| Amount: | $750 million
|
| Maturity: | Sept. 14, 2028
|
| Coupon: | 6.138% starting rate, resets on Sept. 14, 2027 to one-year Treasury plus 270 bps
|
| Price: | Par
|
| Yield: | 6.138%
|
| Spread: | Treasuries plus 270 bps
|
| Call features: | Callable at par on Sept. 14, 2027
|
| Cusip: | 05946KAL5
|
| Price talk: | Treasuries plus 290 bps area
|
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