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CREDIT SUPPLY: BBVA Sized at EUR1bn, Books Grow To 2.6x Cover

CREDIT SUPPLY

BBVA (BBVASM: Baa2 develop/BBB+/BBB-) Tier 2 raise; priced (earlier) with a 10bp NIC to our FV, books now finalised at >EUR2.6bn (was >EUR2.5bn), another bump from final spread stage, and sized at EUR1bn (so 2.6x cover).

  • “FINAL TERMS: BBVA €1b 12NC7 Tier 2 MS+200” - BBG

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