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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
FNCL
PRCD
BBVASM
Banco Bilbao Vizcaya Argentaria SA (BBVA)€1,250
1EMEA
Sep 22, 2026
currency
EUR
size (m)
1,250.000
maturity
Sep 29, 2033
type
Fixed
tenor
7.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Senior Preferred
moody's
A2
s&p
A+
fitch
A
re-open/tap
No
ipt
MS+100 area
ipt-pxd
-25
guidance
STL
spread
75
coupon
4.125%
spread set
-
price
99.68400
yield
4.178%
book size (m)
2,700
peak book (m)
2,700
x-covered
2.16
book attrition
0.00%
nic
6
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
2,700
peak book (m)
2,700
x-covered
2.16
book attrition
0.00%
nic
6
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 2700; First Pay: 2027-09-29; Registration: Reg S Only; Comments: 85.4bps vs 2.6% 08/33 DBR (HR 101% - px 95.6%). Clean-Up Call: 75%. LEI: K8MS7FD7N5Z2WQ51AZ71;
Use of Proceeds
In accordance with BBVA Sustainable Debt Financing Framework, dated December 2024 and available at: https://accionistaseinversores.bbva.com/wp-content/uploads/2025/05/202412-BBVA-Sustainable-Debt-Financing-Framework.pdf. The Framework is supported by the Secondary Party Opinion from DNV
Relative Value

Green Senior Preferred
7yr (Sep 2033) @ MS+100a
Implied Spread for fresh 7yr @ MS+69
Priced at MS+75
NIC of +6


COMPS

Issue Date

Ticker

Ratings M/SP/F

Size (mm)

Cpn (%)

MTY

Years To Mty

I+ (vs bidspd)

Mar-24

BBVASM Green

A2/A+/A

1,000

3.5

Mar-31

4.5y

37

Jan-24

BBVASM

A2/A+/A

1,250

3.875

Jan-34

7.3y

57

May-25

SANTAN

A1/A+/A+

1,000

3.25

May-32

5.7y

60

Jan-26

SANTAN

A1/A+/A+

1,000

3.75

Jan-36

9.3y

80

Nov-23

CABKSM

A2/A+/A+

1,000

4.375

Nov-33

7.2y

68

Jun-25

CABKSM Green

A2/A+/A+

1,000

3.375

Jun-35

8.8y

68