May 29, 2024 07:54 GMT
BBVA Sr Pref FV (EUR B’Mark 6Y Fixed; A3/A/A-)
CREDIT SUPPLY
- IPT given at MS+100a; we see FV just shy of MS+70a.
- 6y fixed line being issued alongside a 3y FRN with IPT of 3Me+70-75bps.
- BBVA last issued a Sr Pref in mid-March in a EUR 1bn 7Y deal that tightened 30bps from IPT to price at MS+90bps with a cover of 2.75x.
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