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FINANCIALS: BBVA - New Issue - € B'mark 12NC7 Tier 2 - FV

FINANCIALS
Credit BulletsCEEMEAEurozoneSpainBullet
  • IPT: MS+200
  • FV: MS+165 - 7bps wide of the BBVA 4.375% 2036 for the 0.7 year maturity extension. The curve at that maturity does flatten meaningfully for Spanish issuers.
  • We would note that BBVA is higher rated that CABKSM at 2/3 rating agencies and on positive outlook at the other, although there is also its current bid for Sabadell to consider - nonetheless, we would expect BBVA to trade inside CABKSM in either a merger on a non-merger scenario given the size and quality.
  • This follows BBVA's positive outlook at Fitch on 12th Feb - which looks like a foregone conclusion if judged by metric quoted.
  • Exp. Ratings: Baa2/BBB/BBB-

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  • IPT: MS+200
  • FV: MS+165 - 7bps wide of the BBVA 4.375% 2036 for the 0.7 year maturity extension. The curve at that maturity does flatten meaningfully for Spanish issuers.
  • We would note that BBVA is higher rated that CABKSM at 2/3 rating agencies and on positive outlook at the other, although there is also its current bid for Sabadell to consider - nonetheless, we would expect BBVA to trade inside CABKSM in either a merger on a non-merger scenario given the size and quality.
  • This follows BBVA's positive outlook at Fitch on 12th Feb - which looks like a foregone conclusion if judged by metric quoted.
  • Exp. Ratings: Baa2/BBB/BBB-