Spain's BBVA launches AT1-bond in 2023 in the U.S.
MADRID, Sept 11 (Reuters) - Spain's BBVA launched on Monday a contingent convertible bond in U.S. dollars with a 6-year redemption option, in what was the second issuance of an AT-1 bond in 2023, the lender said.
The issue, registered with the U.S. Securities and Exchange Commission is priced at 9.625% and the underwriters are Barclays, BBVA, BofA Securities, HSBC, Morgan Stanley and Societe Generale, it said.
The decision by the Swiss regulator in March to write down $17 billion of Credit Suisse Additional Tier One bonds (AT1s) as part of a forced takeover by UBS roiled the AT1 bond market, raising questions about its future.
This is BBVA's second CoCo issue so far this year.
In June, the Spanish bank sold 1 billion euros in AT1 bonds following investor demand of 3.1 billion euros, in the first perpetual bond it had issued since July 2020.
(Reporting by Jesús Aguado; editing by Chiara Elisei and Louise Heavens)
