BBVA has opened the international capital markets with the first debt issue of the year. The excellent reception among investors has allowed to reduce the price and place €1.5 million of senior debt with a tenor of 5 years, a maturity that shows clearly the confidence of the market in BBVA.

BBVA, together with Commerzbank, Goldman Sachs, HSBC and Société Générale, has being the book-runners for this issue that closed at 295 basic points over midswap, with a coupon of 3.75%. The over-demand has allowed BBVA to reduce the initial price from 310 basic points over midswap. In less than two hours from the book opening, the demand exceeded the €5 billion, more than 3 times the final amount of €1.5 billion, and drew orders from more than 400 investors.

This is the first five-year senior debt issue from April 2011, when BBVA placed €500 million. This latest issue evidences the improvement of investors confidence and their interest for the debt of global companies such as BBVA. 90% of investors participating in this issue were from out of Spain.

With this deal, BBVA extends the tenor and improves the price of both €2.5 billion senior debt issue placed in the euromarket in September 2012. On the other hand, in October 2012, BBVA Group placed successfully in United States a three-year senior debt issue of $2 million.

Debt issues in wholesale markets are a regular practice for international companies such as BBVA in order to support their activity and growth.



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