BBVA
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Smaller and weaker European financial institutions must raise funding this year but will have to navigate a backlog of competing issuance -
Aftershock of Tuesday’s CPI print still roiling markets but both issuers succeed
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BBVA raises €1.25bn from three times subscribed preferred bond at as little as 10bp NIP
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Volatility drove foreign bank issuers into the arms of the world’s most liquid capital market
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Issuer tightens 35bp despite being a more esoteric credit than other successful trades this week
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Nine and 10 year maturities come after BT faced tough time with its own 10 year trade
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Construction materials firm gathers demand of more than six times deal size at launch for summer triple trancher
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Issuer is latest eurozone sovereign to garner less investor interest than for its recent deals
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Investors still favouring liquidity, but smaller issuers can get deals done
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Issuance heats up life as European banks scoop over €5bn from market
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New issue concession diminished throughout the day amid sharp rates volatility
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