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BBVA has raised €1 billion via a 10-year senior non-preferred (SNP) green bond, maturing in 2035, in a transaction that drew €2.9 billion in investor orders—nearly triple the issue size. The strong demand enabled the bank to tighten pricing from mid-swap plus 135 basis points to a final spread of 108 basis points, marking the lowest spread for a 10-year SNP issuance by a Southern European bank since 2021.
The bond, led by BBVA as bookrunner and dealer, with participation from BNP Paribas, IMI – Intesa Sanpaolo, Natixis, and Nomura, supports BBVA’s strategy to strengthen its Minimum Requirement for Own Funds and Eligible Liabilities (MREL) position. It also reflects growing investor appetite for sustainable finance instruments.
This marks BBVA’s fourth capital markets transaction in 2025. Earlier this year, the bank issued $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.
You can read more on esgnews.com and The Corner’s coverage of the bond issuance.
La-Vela-Building-Madrid-BBVA-Picture-by-Alberto-de-Francisco
