BBVA’s 10-year senior non-preferred green bond drew €2.9 billion in demand, nearly triple the issue size.
Final pricing was set at mid-swap +108 bps, the lowest spread for a 10-year SNP from a Southern European bank since 2021.
The issuance strengthens BBVA’s MREL position and marks its fourth debt deal in 2025.
BBVA has successfully issued a €1 billion senior non-preferred green bond maturing in 2035, underscoring strong investor appetite for sustainable instruments. Orders peaked at €2.9 billion, allowing the bank to tighten guidance from mid-swap plus 135 basis points to a final 108 bps spread.
The result is a notable benchmark: the lowest spread achieved on a 10-year SNP by a Southern European financial institution in four years.
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The deal was led by BBVA (as bookrunner and dealer), alongside BNP Paribas, IMI – Intesa Sanpaolo, Natixis and Nomura. It forms part of BBVA’s broader wholesale funding strategy for 2025, which aims to bolster the bank’s eligible liabilities to meet minimum requirement for own funds and eligible liabilities (MREL).
This issuance marks BBVA’s fourth capital markets transaction in 2025. In January, the bank raised $1 billion in Additional Tier 1 contingent convertible bonds, followed by €1 billion in Tier 2 subordinated debt in February, and another €1 billion in SNP debt in July.
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