Linklaters on an AT1 contingent convertible securities issue by BBVA
Linklaters has advised on an AT1 contingent convertible securities issue by BBVA, the first of its kind by a European entity since the Credit Suisse crisis in March 2023.
Through this transaction, BBVA is placing €1,000m in a CoCo issue with a redemption window of 21 December 2028. The interest rate was set at 8.375%, significantly lower than the initial 8.75% and demand reached €3,100m, tripling the initial offer of the issue.
The BBVA team advising on this deal was led by the partners, Jorge Alegre (pictured right) and Federico Briano (pictured left), with the support of the managing associates, Yiannis Kyriakides and Héctor Garrido Donamaría.
