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BBVA Set To Face Trial; Not Unexpected, Spreads Dictated By SAB Bid

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BBVA (BBVASM: Baa2 dev/BBB+/BBB+) spying trial: bank and its ex-chairman could face trial after ruling handed down yesterday (20-Jun). Litigation risk is nothing new for banks and, whilst the risk is non-zero, we see spread impact as unlikely. The overriding driver for BBVA right now is the success of the Sabadell bid – the equity market is showing SABSM’s price at a 9% discount to the value of the bid which implies some risk of bid failure which would be spread positive for BBVA (and the opposite for SABSM).


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BBVA (BBVASM: Baa2 dev/BBB+/BBB+) spying trial: bank and its ex-chairman could face trial after ruling handed down yesterday (20-Jun). Litigation risk is nothing new for banks and, whilst the risk is non-zero, we see spread impact as unlikely. The overriding driver for BBVA right now is the success of the Sabadell bid – the equity market is showing SABSM’s price at a 9% discount to the value of the bid which implies some risk of bid failure which would be spread positive for BBVA (and the opposite for SABSM).


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