BBVA comes back to the debt market with a €1.5bn issueMarch 5, 2013
BBVA tapped the market with a new senior unsecured deal on March 5th. The bank placed €1.5bn 3-year bonds in what was a hugely successful transaction in terms of book size, quality and price. BBVA, through its Corporate & Investment Banking unit, acted as lead manager of the issue together with Deutsche Bank, HSBC and Natixis.
Despite recent volatility towards periphery credit given the uncertainty around Italian governability, BBVA has successfully placed a new €1.5bn 3-year senior unsecured transaction, which represents its third public euro bond offering in the year to date.
The offering started with an official price of 280 basic points over the midswap. At the end of the placement, amid a strong competitive supply due to other financials senior unsecured deals in the market, final pricing decreased 7 basic points below initial guidance and books registered orders for €3.6bn.
Demand was led by foreign investors (79%), mainly from France (19%), UK and Ireland accounts (18%) and Germany and Austria (15%). By investor type, the issue sparked interest from real money accounts with 74% of the allocation.