BBVA launches two-tranche Swiss franc green bond, its ninth debt deal of 2026
What's the deal? BBVA has launched a senior preferred green bond in Swiss francs, split into two tranches. The post-IPO debt issuance is part of the group's 2026 funding plan and aims to strengthen its buffer of eligible liabilities under the minimum requirement for own funds and eligible liabilities (MREL).
The details: One tranche matures in four years (2030) at an opening price of Saron mid-swap plus 75-80 basis points. The second matures in seven years (2033) at Saron mid-swap plus 90-95 basis points. UBS and Commerzbank are the placing banks.
Why now? This is BBVA's ninth debt issuance of 2026, following placements in euros, dollars, and pounds, including senior preferred and non-preferred green bonds. The two tranches broaden the bank's funding base by currency and maturity.
The backdrop: BBVA posted attributable profit of €9.066 billion for the first nine months of 2026, up 13.6% year on year. Lending grew 20.4% in constant euros over 12 months, ROTE reached 22%, and the CET1 capital ratio stood at 12.21%.
The signal: The European Banking Authority notes that senior preferred and green instruments have gained weight among European banks, partly to cover MREL needs. BBVA's steady stream of issuances reflects that trend — though this is routine liability management rather than a strategic shift.
Read more: intereconomia.com
Image credit: Alvy
