Edition:
United Kingdom

BBVA To Issue Preferred Convertible Securities For Nominal Value Of 1.00 Bln Euros


Tuesday, 19 Mar 2019 

March 20 (Reuters) - Banco Bilbao Vizcaya Argentaria SA ::SAID ON TUESDAY IT HAD AGREED TO CARRY OUT AN ISSUE OF PREFERRED SECURITIES CONVERTIBLE INTO NEWLY ISSUED ORDINARY SHARES OF BBVA WITH EXCLUSION OF PREEMPTIVE SUBSCRIPTION RIGHTS FOR NOMINAL AMOUNT OF 1.00 BILLION EUROS.REMUNERATION OF THE SECURITIES HAS BEEN SET AT 6% ON AN ANNUAL BASIS FOR THE FIRST FIVE YEARS.AFTER THAT, IT WILL BE REVIEWED IN ACCORDANCE WITH THE APPLICABLE TERMS AND CONDITIONS OF THE ISSUANCE BY APPLYING A MARGIN OF 603.9 BASIS POINTS ON THE 5-YEAR MID-SWAP RATE.BBVA WILL REQUEST THAT THE SECURITIES QUALIFY AS ADDITIONAL TIER 1 CAPITAL .BBVA WILL ALSO REQUEST THE LISTING OF THE SECURITIES ON AIAF MERCADO DE RENTA FIJA.