The offering is fully underwritten and priced; monitor for secondary trading of the new security post-settlement. No immediate catalyst—focus remains on BBVA's underlying earnings momentum and CET1 ratio.
Price Chart
Executive Summary
BBVA is pricing a $1 billion Series 16 AT1 CoCo perpetual preferred securities offering with a 7.125% initial distribution rate, net proceeds of $992 million for general corporate purposes. The transaction was previously announced and is a routine capital management activity for the well-capitalized bank, consistent with its strong Q1 2026 results (profit up 10.8% YoY, CET1 ratio 12.83%).
Key Facts
- $1,000,000,000 aggregate liquidation preference of Series 16 Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 Securities
- Initial distribution rate of 7.125% per annum, resetting after 2033 to 5-year UST + 2.985%
- Net proceeds to issuer of $992,000,000 (99.200% of liquidation preference)
- Mandatory conversion into common shares if CET1 ratio falls below 5.125%
- Settlement date May 8, 2026; listing on NYSE expected within 30 days
Financial Impact
$1.0 billion AT1 CoCo issuance (net $992M)
Risk Factors
- Conversion trigger risk if CET1 ratio falls below 5.125% (unlikely given current 12.83%)
- Distribution cancellation at issuer's discretion or regulatory restriction
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-213781 |
| Document: d371248dex49.htm | 0001193125-26-213781 |
| Document: d371248dex52.htm | 0001193125-26-213781 |
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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