By Paul A. Harris
Portland, Ore., Sept. 18 – Madrid-based Banco Bilbao Vizcaya Argentaria, SA (BBVA) (A3/A-/A-) priced €1 billion of 5 7/8% perpetual non-step-up non-cumulative contingent convertible perpetual preferred tier 1 securities (Ba2//BB) at par on Tuesday, according to a market source.
Initial price talk was in the 6 3/8% area.
The deal played to €3 billion of orders at 5 7/8%.
The preferreds are non-callable for five years.
Joint bookrunner BBVA will bill and deliver for the Regulation S offering. Barclays, BofA Merrill Lynch, BNP Paribas, Citigroup and Credit Suisse are also joint bookrunners.
The issuer is a Madrid-based multinational banking group.
| Issuer: | Banco Bilbao Vizcaya Argentaria, SA
|
| Amount: | €1 billion
|
| Maturity: | Perpetual
|
| Securities: | Non-step-up non-cumulative contingent convertible perpetual preferred tier 1 securities
|
| Bookrunners: | BBVA (bill and deliver), Barclays, BofA Merrill Lynch, BNP Paribas, Citigroup, Credit Suisse
|
| Coupon: | 5 7/8%
|
| Price: | Par
|
| Call protection: | Non-callable for five years
|
| Trade date: | Sept. 18
|
| Settlement date: | Sept. 24
|
| Ratings: | Moody's: Ba2
|
| Fitch: BB
|
| Distribution: | Regulation S
|
| Price talk: | 6 3/8% area
|
| Marketing: | Quick to market
|
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