By Laura Contemori – ROME (Econostream) – Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA) on Wednesday priced €1.25 billion of five-year green senior non-preferred unsecured notes.

The notes mature on June 30, 2031 and carry a fixed annual coupon of 3.375%. The reoffer spread was set at 70bp over mid-swaps, equivalent to a reoffer price of 99.67 and a reoffer yield of 3.448%.

The notes are expected to be rated Baa1 by Moody’s and A- by S&P and Fitch, all with stable outlooks.

BBVA is rated A2 by Moody’s, A+ by S&P and A by Fitch, all with stable outlooks.

The notes are MREL eligible. Proceeds will be used in accordance with BBVA’s Sustainable Debt Financing Framework dated December 2024.

The notes will be listed on the regulated market of the Irish Stock Exchange, trading as Euronext Dublin, and are governed by Spanish law.

Settlement is scheduled for June 30, 2026.

BBVA, Crédit Agricole CIB, Deutsche Bank, HSBC and Lloyds acted as joint bookrunners.