This is a preliminary filing with no pricing. Monitor the final pricing supplement for the offering size, distribution rate, and floor price. The AT1 CoCo structure means the securities carry significant risk (discretionary distributions, mandatory conversion at low CET1, bail-in exposure). BBVA's strong capital position (CET1 12.83%) makes a trigger event unlikely in the near term.
Price Chart
Executive Summary
BBVA is offering an undisclosed amount of Series 16 Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 Securities (AT1 CoCos) with a $200,000 per security liquidation preference. The filing is a preliminary prospectus supplement with all key pricing terms (offering size, distribution rate, initial margin, floor price, underwriting discounts) left as placeholders. The offering is a routine capital management exercise for a well-capitalized European bank (CET1 ratio of 12.83% as of March 31, 2026) with strong Q1 2026 results (profit attributable to parent up 10.8% YoY). The securities are complex, subordinated, perpetual, and subject to mandatory conversion if CET1 falls below 5.125% and to Spanish bail-in powers.
Key Facts
- BBVA is offering Series 16 Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 Securities (AT1 CoCos).
- The liquidation preference is $200,000 per Preferred Security.
- All key pricing terms (offering size, distribution rate, initial margin, floor price) are placeholders in this preliminary prospectus supplement.
- The securities are perpetual with no fixed maturity and distributions are discretionary and non-cumulative.
- Mandatory conversion to common shares occurs if CET1 ratio falls below 5.125% (Trigger Event).
- BBVA reported Q1 2026 profit attributable to parent of €2,989 million, up 10.8% YoY from €2,698 million.
- BBVA's CET1 ratio stood at 12.83% as of March 31, 2026, well above the 5.125% trigger.
- Net proceeds will be used for general corporate purposes.
- The offering is subject to completion and pricing terms are yet to be determined.
Financial Impact
Offering size, distribution rate, and net proceeds are undisclosed (placeholders). BBVA's Q1 2026 profit was €2,989 million, up 10.8% YoY.
Risk Factors
- Distributions are discretionary and non-cumulative; BBVA may cancel them at any time.
- Mandatory conversion to common shares if CET1 ratio falls below 5.125% (Trigger Event).
- Securities are perpetual with no fixed redemption date.
- Subject to Spanish bail-in powers, which could result in write-down or conversion.
- Complex structure not suitable for retail investors; limited secondary market liquidity expected.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001193125-26-193807 |
| Document: 0001193125-26-193807-index-headers.html | 0001193125-26-193807 |
| Document: 0001193125-26-193807-index.html | 0001193125-26-193807 |
| Document: 0001193125-26-193807.txt | 0001193125-26-193807 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 9, 2026 19w ago | 6-K | $22.53 $29.53 | ▲ +31.07% | ▲ +26.99% | $25.83 (+14.65%) |
Jun 8, 2026 20w ago | 6-K | $22.47 $28.80 | ▲ +28.17% | ▲ +24.85% | $25.83 (+14.95%) |
Jun 1, 2026 21w ago | 6-K | $23.34 $29.58 | ▲ +26.74% | ▲ +25.50% | $25.83 (+10.67%) |
May 26, 2026 22w ago | 6-K | $22.40 $28.77 | ▲ +28.44% | ▲ +25.71% | $25.83 (+15.31%) |
May 18, 2026 23w ago | 6-K | $22.55 $28.42 | ▲ +26.03% | ▲ +21.18% | $25.83 (+14.55%) |
May 12, 2026 23w ago | 6-K | $21.20 $27.69 | ▲ +30.61% | ▲ +26.23% | $25.83 (+21.84%) |
May 11, 2026 24w ago | 6-K | $21.54 $28.83 | ▲ +33.84% | ▲ +29.45% | $25.83 (+19.92%) |
May 8, 2026 24w ago | 6-K | $23.00 $27.94 | ▲ +21.48% | ▲ +16.64% | $25.83 (+12.30%) |
May 8, 2026 24w ago | 6-K | $23.00 $27.94 | ▲ +21.48% | ▲ +16.64% | $25.83 (+12.30%) |
May 4, 2026 25w ago | 424B5 | $22.35 $25.89 | ▲ +15.84% | ▲ +13.98% | $25.83 (+15.57%) |
US Market Status
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