BBVA: places £600 million senior non-preferred bond amid strong demand

BBVA placed a £600 million senior non-preferred bond, a type of debt that ranks below senior preferred debt if the bank fails. It is part of the BBVA Group's 2026 funding plan and is aimed at strengthening its buffer of eligible liabilities for the MREL requirement, a regulatory requirement for debt that can absorb losses.

Key details

• This is the Group's eighth debt issuance of 2026. On September 22, it placed a €1.25 billion green senior preferred bond.
• In January, BBVA placed €2 billion in a dual-tranche senior non-preferred issuance, its largest euro-denominated issuance in the past 20 years. In February, it placed $2.5 billion in senior non-preferred debt, the largest in its history in this currency.
• In April, BBVA placed $2.25 billion in a dual-tranche issuance: $1.25 billion in senior non-preferred format and $1 billion in AT1 (Additional Tier 1, a type of bank capital debt) format.
• In June, BBVA placed €1.25 billion in a green senior non-preferred issuance and €2.25 billion in a dual-tranche covered bond issuance (bonds backed by a pool of the bank's assets), its first since 2023.
• In August, BBVA placed $2.3 billion in a three-tranche issuance.

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