By Andrea Heisinger
New York, Oct. 4 - BBVA U.S. Senior, SA Unipersonal sold $2 billion of 4.664% three-year senior notes on Thursday at a spread of Treasuries plus 435 basis points, a market source said.
The notes (Baa3/BBB+/BBB+) priced at par to yield 4.664%. There is a make-whole call at Treasuries plus 50 bps.
Bookrunners were Bank of America Merrill Lynch and Morgan Stanley & Co. LLC.
Proceeds will be invested at BBVA SA and used for general corporate purposes.
The notes are guaranteed by Banco Bilbao Vizcaya Argentaria, SA.
BBVA U.S. was last in the market with a $1.6 billion offering in two tranches on May 13, 2011. A 3.25% three-year note from that sale priced at 237.5 bps over Treasuries.
The bank and finance company is based in Bilbao, Spain.
| Issuer: | BBVA U.S. Senior, SA Unipersonal
|
| Guarantor: | Banco Bilbao Vizcaya Argentaria, SA
|
| Issue: | Senior notes
|
| Amount: | $2 billion
|
| Maturity: | Oct. 9, 2015
|
| Bookrunners: | Bank of America Merrill Lynch, Morgan Stanley & Co. LLC
|
| Senior co-manager: | Wells Fargo Securities LLC
|
| Coupon: | 4.664%
|
| Price: | Par
|
| Yield: | 4.664%
|
| Spread: | Treasuries plus 435 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | Oct. 4
|
| Settlement date: | Oct. 10
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
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