Banco Bilbao Vizcaya Argentaria’s US$2 Billion Notes Offering

Sidley Austin LLP advised the underwriters on the deal.

Banco Bilbao Vizcaya Argentaria, S.A. announced a US$2 billion notes offering. The offering, which closed on September 18, 2020, was BBVA’s inaugural offering into the U.S. market of MREL-eligible senior preferred securities and consisted of US$1.2 billion aggregate principal amount of 0.875% fixed rate senior preferred notes due 2023 and US$800 million aggregate principal amount of 1.125% fixed rate senior preferred notes due 2025. The underwriters were BBVA Securities, BofA Securities, Credit Agricole, Credit Suisse, J.P. Morgan Securities, Morgan Stanley, and Wells Fargo.

Banco Bilbao Vizcaya Argentaria, S.A. attracts deposits and offers retail, wholesale, and investment banking services. The Bank offers consumer and mortgage loans, private banking, asset management, insurance, mutual funds, and securities brokerage services. Banco Bilbao Vizcaya Argentaria operates in Europe, Latin America, United States, China, and Turkey.

The Sidley team included Mark Walsh (Picture), Vivian Root, Julie Weltman, and David Kucharski. Additional support was provided by Nick Brown (U.S. Tax) and Rob Hardy (ERISA) in New York.

Involved fees earner: Nicholas Brown – Sidley Austin LLP; Robert Hardy – Sidley Austin LLP; David Kucharski – Sidley Austin LLP; Vivian Root – Sidley Austin LLP; Mark Walsh – Sidley Austin LLP; Julie Weltman – Sidley Austin LLP;

Law Firms: Sidley Austin LLP;

Clients: Banco Bilbao Vizcaya Argentaria (Argentina);