Sidley advised BBVA Securities Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as joint bookrunners, on Banco Bilbao Vizcaya Argentaria’s offering of US$1 billion Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 Securities listed on the Irish Stock Exchange.
As the first ever SEC-registered offering of AT1 capital securities into the U.S. market by a Spanish bank, this transaction had a high profile in the international markets. The securities were issued pursuant to a New York law-governed indenture but are subject to Spanish bail-in and other resolution tools.
The multi-office Sidley team included Mark Walsh, Vivian Root, Kostian Ciko, Raveen Dhaliwal, Ed Perry, Benedict Grima, Michael Hyatte, Catherine Lobb, Nicholas Brown and Lena Qui, among others.