BBVA Attracts Strong Demand with €2 Billion Dual-Tranche Bond Issuance

BBVA Attracts Strong Demand with €2 Billion Dual-Tranche Bond Issuance

(IN BRIEF) BBVA has completed a €2 billion dual-tranche senior non-preferred bond issuance as part of its 2026 financing plan, attracting more than €6.4 billion in investor demand. The transaction comprised a €750 million three-year tranche and a €1.25 billion ten-year tranche, both priced significantly tighter than initial guidance. The strong response reflects robust investor confidence in BBVA’s credit profile and funding strategy.

(PRESS RELEASE) BILBAO, 7-Jan-2026 — /EuropaWire/ — BBVA has successfully completed a €2 billion dual-tranche senior non-preferred bond issuance, drawing exceptionally strong investor interest and reinforcing market confidence in the bank’s funding strategy.

The transaction, executed on January 7, attracted demand of approximately €6.4 billion, more than three times the final amount issued. The offering forms part of BBVA Group’s broader 2026 financing plan, aimed at maintaining a robust and diversified funding profile.

The first tranche consisted of a three-year maturity bond with a total size of €750 million. Final pricing was set at three-month Euribor plus 55 basis points, a significant tightening from the initial guidance of Euribor plus 85 basis points, reflecting strong demand during the book-building process.

The second tranche, with a ten-year maturity, was issued for €1.25 billion. Pricing was finalised at mid-swap plus 100 basis points, improving on the initial guidance of mid-swap plus 125 basis points. The favourable pricing outcome highlights investor appetite across both short- and long-dated maturities.

The transaction was coordinated by a syndicate of leading international banks acting as bookrunners, including Deutsche Bank, HSBC, Société Générale, UniCredit, alongside BBVA.

The strong oversubscription and improved pricing across both tranches underscore BBVA’s solid market positioning and continued access to diversified funding sources amid evolving market conditions.

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SOURCE: BBVA