The initial price guidance is in the area of midswap plus 95-100 basis points. The bond will carry a fixed annual coupon. BBVA is acting as global coordinator and joint bookrunner together with Crédit Agricole CIB, Deutsche Bank, HSBC and Lloyds.
The proceeds will be allocated in accordance with the criteria set out in BBVA's sustainable financing framework.
BBVA's most recent green issuance dates back to August 2025, when the bank placed €1 billion.
In addition, this is BBVA's fifth issuance in 2026. Last week, the bank placed €2.25 billion in a dual-tranche euro covered bond issuance. In January, the bank placed €2 billion in a dual-tranche SNP issuance, its largest euro-denominated issuance in the last 20 years. In February, it placed $2.5 billion in another senior non-preferred debt issuance, the largest in its history in this currency. In April, it placed $2.25 billion in a dual-tranche issuance.