IFLR1000

BBVA €1.5 billion AT1 CoCo bond issue

11/2/2015
Convertible and hybrid securities, Investment grade bond/note issue
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€ 1.5 billion

$ 1.65 billion

Completed

11/2/2015

Overview:

  • BBVA has issued €1.5 billion in contingent convertible (CoCo) bonds.
  • The non-step-up non-cumulative perpetual preferred Tier 1 securities were issued under Reg S of €1.5 billion. 
  • BBVA was the first European bank to issue AT1 securities in 2013.
  • This was BBVA's third issuance of AT1 securities. 

Wai Yee Tsang - Journalist

Jurisdictions:

Spain
United Kingdom

Deal types:

Convertible and hybrid securities
Investment grade bond/note issue

Practice area:

Capital markets : Debt

Governing laws:

England and Wales
Spain

Industry sector:

Banking

Firms:
A&O Shearman

Party: Banco Bilbao Vizcaya Argentaria (Issuer)

Lawyer: Jamie Durham

Garrigues

Party: BBVA (Issuer)

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