BBVA launched a three-part senior non-preferred debt issuance in U.S. Dollars on Monday, signaling continued activity in the global debt markets. The offering comprised two three-year tranches – one fixed-rate and one variable-rate – alongside a 10-year fixed-rate tranche, according to a statement released by the bank.
BBVA, alongside BNP Paribas, Citi, RBC Capital Markets, Standard Chartered, and Wells Fargo Bank, acted as placement agents for the issuance. The move comes as multinational banks increasingly focus on expanding their reach for instant cross-border payments, with a target date of 2027 for broader implementation, according to EBA CLEARING.
The issuance follows a broader trend of banks leveraging systems like EBA CLEARING’s RT1 for One-Leg Out Instant Credit Transfers (OCT Inst). Ten major multinational banks, including Barclays, BBVA, BNP Paribas, Citi, Deutsche Bank, HSBC, ING, Intesa Sanpaolo, J.P. Morgan, and Societe Generale, have already committed to building reach for OCT Inst via RT1 by 2027, aligning with the G20 Roadmap for Enhancing Cross-Border Payments.
The pan-European RT1 OCT Inst Service was implemented in November 2024, supporting the OCT Inst Scheme created by the European Payments Council (EPC). This scheme aims to facilitate the euro leg of cross-border, cross-currency transactions.
BBVA’s move also occurs within a wider landscape of financial technology developments. Recent announcements include Starbucks’ partnership with Adyen for in-store payments across Europe, and Revolut’s launch of full banking operations in Mexico. These developments highlight a continued push for innovation and expansion within the financial sector.
