Davis Polk & Wardwell advised Banco Bilbao Vizcaya Argentaria Puerto Rico on its offering of $200 million principal amount of 1.75% senior notes due 2011. The notes are guaranteed under the FDIC's Temporary Liquidity Guarantee Program. The sole book-running manager of the offering was Deutsche Bank Securities Inc.

Banco Bilbao Vizcaya Argentaria Puerto Rico, a commercial bank chartered and doing business in Puerto Rico, currently operates 39 branches through which it offers a broad range of banking products to retail and institutional clients in Puerto Rico.

The Davis Polk corporate team included partners Andrés V. Gil and Deanna L. Kirkpatrick and associates Ross A. Oliver and Eilleen J. Park. Partner Lucy W. Farr provided tax advice. Partner Luigi L. De Ghenghi and associate Brian Wolfe provided regulatory advice. Counsel Erin K. Cho and associate Ann Becchina provided ERISA advice. Associate Rachel J. Strum provided 1940 Act advice. Luis Celestino Martos was the legal assistant on the transaction. All members of the Davis Polk team are based in the New York office.