BBVA announces EUR 1 billion contingent convertible debt offering
BBVA•BBVA plans to issue EUR 1 billion of preferred securities that can convert into newly issued ordinary shares. Distributions are set at 6.5% annually through May 18, 2034, then reset to 333.4 basis points over the five-year Mid-Swap Rate.
1. Offering details
BBVA plans to issue EUR 1 billion of preferred securities contingently convertible into newly issued ordinary shares. Discretionary distributions accrue at 6.5% annually from November 18, 2026, to, but excluding, May 18, 2034; the rate then resets to 333.4 basis points over the five-year Mid-Swap Rate. Closing is expected November 18, 2026, and fully paid-up securities are expected to qualify as Additional Tier 1 capital.
