The second largest bank in Spain, BBVA has received orders for over US$5 billion for the bank's additional Tier 1 non-callable perpetual five year bond. The price guidance initially released for the bond has been revised from 9.25% to 9.5% according to a lead banker. 

The lead managers for the deal are BBVA, Bank of America Merrill Lynch, Goldman Sachs and UBS. The deal would be priced and launched by Tuesday. There have been moves that the volume set needs to be increased.

The bankers forecasted that Asian investors and profit seekers would drive the momentum while European investors also had placed orders on the bond issue.

Many analysts were surprised that multiple triggers on the bond did not raise criticisms in the market. These triggers would become active as long as a set of events occurs. One of these would be that the Core Tier 1 capital ratio should not fall below 7%, subject to sovereign charges.