BBVA plans tier 2 subordinated callable fixed-to-fixed notes due 2034

By William Gullotti

Buffalo, N.Y., Nov. 7 – Banco Bilbao Vizcaya Argentaria SA plans to price tier 2 subordinated callable fixed-to-fixed rate notes due 2034, according to a 424B5 filing with the Securities and Exchange Commission.

The initial interest rate will reset in 2033.

The notes will be callable, at the issuer’s option, on the interest reset date at par. Early redemptions, payable at par, may also be triggered for taxation reasons, upon a capital event or eligible liabilities event and for a clean-up call.

The joint bookrunning managers for the offering are Citigroup Global Markets Inc., BBVA Securities Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, TD Securities (USA) LLC and UBS Securities LLC.

Bank of New York Mellon, London Branch will be the trustee.

J&A Garrigues SLP and Davis Polk & Wardwell LLP are counsel to the issuer. Sidley Austin LLP and Linklaters, SLP are advising the underwriters.

Proceeds will be used for general corporate purposes.

Listing will be on the New York Stock Exchange.

The multinational bank is based in Madrid.

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