MADRID, 18 May. (EUROPA PRESS) -

BBVA has begun the placement of a preferred senior debt issue for a 'benchmark' amount of around 1,000 million euros, according to what financial sources informed Europa Press.

It is a 3.5-year issue with an initial fixed mid-swap rate plus 80 basis points. Depending on demand, there could be an additional tranche at a variable rate, equivalent to three-month Euribor.

The placement banks are Barclays, BBVA, BofA Securities, Citi, Crédit Agricole CIB and Credit Suisse.

The issue is part of BBVA's annual issuance program, which includes senior preferred and non-preferred debt issues for up to 3,000 million euros to alleviate the lower eligibility for MREL purposes of the instruments entering their last year of life.

Last January, BBVA placed another preferred senior debt issue for an amount of 1,000 million euros.