BBVA Covered Bond Yield Spread Spain’s Lowest in Year
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Banco Bilbao Vizcaya Argentaria SA will price 2 billion euros of covered bonds at the lowest yield premium in a year for a Spanish issuer of the loan-backed debt.
Spain’s second-largest bank is selling the four-year securities at a spread of 155 basis points more than the benchmark swap rate, according to a banker involved in the transaction. That’s the tightest gap since Ibercaja offered a 115 basis-point premium on a 500 million-euro issue in April, according to UniCredit SpA data.