BBVA

International banks launched a torrent of dollar FIG supply as they swatted away political uncertainty to get 2025 off to a rapid start

◆ Size was at upper end of recent range ◆ Book was over €30bn at one point ◆ Portuguese bonds still tight versus peers

◆ Deals pricing close to fair value amid healthy demand for bank capital ◆ AIB resuscitates euro issuance with first deal in two months ◆ BBVA and StanChart go for larger dollar market

Banks are looking at next five weeks to raise anything from deeply subordinated capital to senior debt

◆ Insurance companies continue to pump tier two capital this week ◆ Banks opt for the most subordinated debt funding in dollars ◆ Small Smaller French insurer receives 8.8 subscription ratio despite French assets widening

◆ Orders fail to match recent T2 deals, but rivals say that’s OK ◆ Why psychology matters ◆ Debate on premium

Spanish bank also takes a FIG banker from HSBC

Corporate bond market stands at its strongest point with more FIG deals expected, though higher new issue premiums eyed

Usual fourth syndication to follow after the summer

Issuer prices flat to secondary curve as investors chase Spanish agency bonds

◆ Spanish bank raises €750m new capital ahead of calls in the middle of Sabadell takeover bid ◆ Tight price leads to more than €2.2bn of orders dropping ◆ Greece’s Alpha bank prints first tier two in more than three years

Deal turned out larger than some had expected