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BBVA to hit the road for euro denominated AT1
February 5, 2015 / 10:15 AM / 3 years ago

BBVA to hit the road for euro denominated AT1

LONDON, Feb 5 (IFR) - Banco Bilbao Vizcaya Argentaria S.A. (BBVA SA) has mandated a group of bookrunners to lead manage a euro-denominated Additional Tier 1 (AT1) bond.

The Spanish lender has appointed Citi and UBS as global coordinators, structuring advisors and joint bookrunners, and Barclays and BBVA as joint bookrunners for the trade which will be launched following an investor roadshow beginning on February 6.

The issue is expected to be rated Ba2 by Moody’s and BB by Fitch. The bonds will be converted into equity if BBVA’s bank and group Common Equity Tier 1 ratio falls below 5.125%.

The transaction is expected to launch after the roadshow, subject to market conditions. (Reporting By Alice Gledhill, Editing by Helene Durand)

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