Investor jitters over Spain affect performance of BBVA five-year bond

Deals in Focus: BBVA

BBVA’s Madrid HQ

Deal terms
Issuer: BBVA
Structure: Senior unsecured
Size: €500 million
Issue date: April 4, 2011
Maturity: April 15, 2016
Ratings: AA-/Aa2/AA (Fitch/Moody’s/S&P)
Coupon: 4.875%
Issue price: 99.831
Issue yield: 4.914%
Spread: 221bp over German Bunds; 180bp plus mid-swaps
Bookrunners: BBVA, Barclays Capital, Deutsche Bank, Goldman Sachs, Natixis

Taking advantage of a revival in investor interest for senior unsecured debt from top-tier European banks, BBVA completed a €500 million five-year deal in April. Yet

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