BBVA (NYSE: BBVA) to issue $1B Additional Tier 1-eligible securities

Banco Bilbao Vizcaya Argentaria (BBVA) plans to issue $1 billion in Additional Tier 1-eligible preferred securities. These securities will carry an initial distribution rate of 7.125% per annum until May 8, 2033, after which the rate will reset based on the 5-year U.S. Treasury plus 298.5 basis points. BBVA intends to list these securities on the New York Stock Exchange, and they are designed to qualify as Additional Tier 1 Capital for regulatory purposes, strengthening the bank’s capital structure.

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