BBVA (BBVA) prices $2.5B in senior non-preferred fixed and floating notes
Rhea-AI Filing Summary
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) filed a report describing the issuance and sale of three tranches of senior non-preferred notes under its existing shelf registration. The bank issued U.S.$1,000,000,000 of 4.150% Fixed Rate Notes due 2029, U.S.$1,000,000,000 of 5.127% Fixed Rate Notes due 2036 and U.S.$500,000,000 of Floating Rate Notes due 2029. The filing incorporates related pricing, indentures, note forms and legal opinions by U.S. and Spanish counsel into BBVA’s Form F-3 registration statement and prospectus supplement.
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FAQ
What new debt securities did BBVA (BBVA) issue in this filing?
BBVA issued three senior non-preferred note tranches totaling U.S.$2.5 billion. These include fixed rate notes due 2029 and 2036 and floating rate notes due 2029, expanding the bank’s wholesale funding through its existing Form F-3 shelf registration.
What are the interest rates and maturities of BBVA’s new fixed rate notes?
BBVA’s new fixed rate notes include U.S.$1,000,000,000 at 4.150% due 2029 and U.S.$1,000,000,000 at 5.127% due 2036. These instruments lock in long-term funding costs at specified coupons for the bank’s senior non-preferred debt stack.
What type of instrument are BBVA’s newly issued notes described in the 6-K?
The newly issued securities are senior non-preferred notes, both fixed and floating rate. This means they rank below senior preferred debt but above subordinated instruments in a resolution scenario, and they form part of BBVA’s regulatory-eligible loss-absorbing capital structure.
How much did BBVA issue in floating rate notes due 2029?
BBVA issued U.S.$500,000,000 of senior non-preferred floating rate notes due 2029. These securities pay interest tied to a reference rate rather than a fixed coupon, adding rate-sensitive funding alongside the bank’s new fixed rate debt tranches.
How are these BBVA notes offerings linked to its existing registration statement?
The notes are issued under BBVA’s existing Form F-3 shelf registration. The 6-K explicitly incorporates the note terms, pricing agreement, supplemental indentures, security forms and legal opinions into that registration statement and its related prospectus supplement filed on February 23, 2026.
Which legal firms provided opinions on the legality of BBVA’s new notes?
Davis Polk & Wardwell LLP, as special United States counsel, and J&A Garrigues, S.L.P., as Spanish counsel, provided opinions on the legality of the notes. Their written opinions and related consents are included as exhibits and incorporated into BBVA’s registration materials.