By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, Nov. 7 – Banco Bilbao Vizcaya Argentaria, SA (BBVA) priced $750 million of tier 2 subordinated callable fixed-to-fixed rate notes due 2034 (Baa2/A/BBB-) at par on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The initial interest rate of 7.883% will reset on Nov. 15, 2033 at a rate equal to the one-year U.S. Treasury rate plus 330 basis points. Initial price talk was in the Treasuries plus 335 bps area.
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.
Citigroup Global Markets Inc., BBVA Securities Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, TD Securities (USA) LLC and UBS Securities LLC were listed as bookrunners.
Proceeds will be used for general corporate purposes.
Listing will be on the New York Stock Exchange.
The multinational bank is based in Madrid.
| Issuer: | Banco Bilbao Vizcaya Argentaria, SA
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| Amount: | $750 million
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| Issue: | Tier 2 subordinated callable fixed-to-fixed rate notes
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| Maturity: | Nov. 15, 2034
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| Bookrunners: | Citigroup Global Markets Inc., BBVA Securities Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, TD Securities (USA) LLC and UBS Securities LLC
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| Trustee: | Bank of New York Mellon, London Branch
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| Counsel to issuer: | J&A Garrigues SLP and Davis Polk & Wardwell LLP
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| Counsel to underwriters: | Sidley Austin LLP and Linklaters, SLP
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| Coupon: | 7.883% until Nov. 15, 2033, then Treasuries plus 330 bps
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| Price: | Par
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| Call features: | On interest reset date at par, may also be triggered for taxation reasons, upon a capital event or eligible liabilities event and for a clean-up call, in each case at par
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| Trade date: | Nov. 7
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| Settlement date: | Nov. 15
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| Expected ratings: | Moody’s: Baa2
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| S&P: BBB
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| Fitch: BBB-
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| Cusip: | 05946KAN1
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| Price talk: | Treasuries plus 335 bps area
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