Sidley represented the underwriters in a US$2 billion offering of SEC-registered and New York Stock Exchange-listed debt securities by Spain’s Banco Bilbao Vizcaya Argentaria, S.A. (BBVA). 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.
The London- and New York-based Sidley Capital Markets team included Mark Walsh, Vivian Root, Julie Weltman, and David Kucharski. Additional support was provided by Nick Brown (U.S. Tax) and Rob Hardy (ERISA) in New York.