Davis Polk advises BBVA on $2.25bn offerings

Davis Polk & Wardwell has advised Banco Bilbao Vizcaya Argentaria (BBVA) on two SEC-registered offerings totalling $2.25 billion. The transaction comprised $1 billion aggregate liquidation preference of Series 16 non-step-up non-cumulative contingent convertible perpetual preferred Tier 1 securities and $1.25 billion aggregate principal amount of 4.968% senior non-preferred fixed-rate notes due 2031. Both series of securities are to be listed on the New York Stock Exchange.

BBVA is a diversified financial services group with operations spanning retail banking, asset management, and wholesale banking. The group is active in Spain, Mexico, Turkey, and over 25 other countries, primarily across Europe, South America, the United States, and Asia.

The Davis Polk corporate team was led by partner Michael J. Willisch (pictured left), with counsel Ester del Valle Izquierdo (pictured center) and associate H. Gultekin Can (pictured right). Tax advice was provided by counsel Alon Gurfinkel and associate Kelli A. Rivers, while associates Rebecca Sattaur and Hamza Suhail provided ’40 Act advice. The team operated across the firm’s Madrid, London, and New York offices.