BBVA to price EUR1.5bn Additional Tier 1 bond

Tue Feb 11, 2014 10:07am EST

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LONDON, Feb 11 (IFR) - BBVA is poised to price a EUR1.5bn Additional Tier 1 bond having attracted around EUR14bn of orders from 600 investors, a lead manager said on Tuesday.

The perpetual non-call five-year deeply subordinated bond will price at 7%, the tight end of revised guidance of 7.125% area, and well inside the initial marketing level of low to mid 7%.

Barclays, BBVA, Citigroup and Morgan Stanley are joint bookrunners on the transaction. (Reporting by Aimee Donnellan, editing by Helene Durand, Julian Baker)

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