BBVA has launched this Tuesday a new issuance of non-preferred senior debt (SNP, for its initials in English) in dollars, structured in three tranches and linked to its financing plan until 2026, according to the entity detailed in a statement. The structure includes two tranches maturing in three years, one referenced at a fixed rate and another at a variable rate, in addition to a third tranche at a fixed rate with a term of five years.
For the fixed-rate tranche maturing in three years, the initial price has been set at 100 basis points above the yield of the benchmark U.S. Treasury bond. In the case of the variable-rate tranche with the same maturity, the benchmark index will be the SOFR (Secured Overnight Financing Rate), the interest rate used in the dollar financing market. As for the fixed-rate tranche maturing in five years, the starting spread has been set at 115 basis points over the corresponding 'Treasury'.
The placement has been coordinated by BBVA together with BMO, Citi, RBC Capital Markets, Société Générale, and Wells Fargo, which act as placement banks for the operation.
The bank chaired by Carlos Torres has indicated that this issuance is part of the BBVA Group's financing plan for 2026 and pursues two main objectives: refinancing issuances considered eligible for the calculation of MREL, the regulatory requirement that obliges financial entities to maintain a minimum volume of own funds and liabilities capable of absorbing losses in case of crisis or resolution, and supporting the expansion of the credit portfolio.
In January, the entity had already placed 2.000 billion euros --1.700 billion euros-- through another double-tranche SNP issuance, which represented its largest placement in euros in the last two decades. Subsequently, in February, BBVA issued 2.500 billion dollars --2.140 billion euros-- in non-preferred senior debt, the largest operation in its history in this currency. In April, it returned to the markets with a new double-tranche issuance for 2.250 billion dollars --1.930 billion euros--.
Likewise, in June the bank launched a non-preferred green senior issuance for 1.250 billion euros and, on June 16, 2026, BBVA placed 2.250 billion euros in double-tranche mortgage bonds, its first operation of this type since 2023.