Reuters logo
UPDATE 2-Spain's BBVA issues 5-year covered bond - IFR
November 26, 2012 / 1:21 PM / 5 years ago

UPDATE 2-Spain's BBVA issues 5-year covered bond - IFR

(Adds pricing details)

MADRID, Nov 26 (Reuters) - Spain’s second-biggest bank BBVA issued a 2 billion euro ($2.6 billion) covered bond on Monday at a lower yield than five year Spanish government bonds, Thomson Reuters news and market analysis service IFR reported.

The bond, which carried a 3.5 percent coupon and matures in December 2017, was priced at 260 basis points over mid-swaps, according to IFR. It was BBVA’s first such deal of the year.

At around 1200 GMT the bond had already received 2.3 billion euros in bids. Demand was helped by a recent lack of covered bond deals, bankers told IFR.

By comparison, Spanish five-year government bonds were trading at close to 360 basis points over mid-swaps earlier in the day.

The bank mandated Barclays, BBVA, Citi, Deutsche Bank, ING and Natixis for the issue.

$1 = 0.7717 euros Reporting by Clare Kane, Tomas Cobos and Sarah White; Editing by Helen Massy-Beresford and Mark Potter

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below