Davis Polk Advises BBVA on Its $1 Billion SEC-Registered Preferred Securities Offering

Davis Polk advised Banco Bilbao Vizcaya Argentaria, S.A. on its SEC-registered offering of $1 billion liquidation preference of non-step-up, non-cumulative contingent convertible perpetual preferred tier 1 securities. The preferred securities will be listed on the Irish Stock Exchange.

BBVA is a highly diversified international financial group, with strengths in the traditional banking businesses of retail banking, asset management, private banking and wholesale banking. The BBVA Group operates in Spain, Mexico, the United States, Turkey and over 30 other countries, mainly in Europe, Latin America and Asia. 

The Davis Polk corporate team included partner Michael J. Willisch, counsel Ester del Valle Izquierdo and associates Thomas K. Wiesner II, Jordi de la Torre Anglada and Jose Lucena-Rebollo. Partner John D. Paton, counsel Alon Gurfinkel and associate Omer Harel provided tax advice. Members of the Davis Polk team are based in the Madrid and London offices.