BBVA busca 13.000 millones para financiar el crecimiento del crédito

BBVA is seeking 13 billion euros to fuel credit growth, surpassing earlier forecasts. The Spanish bank has doubled its debt issuance target to this historic level as credit activity has outpaced expectations. BBVA underestimated the funds needed for its operations, prompting a significant adjustments to its financing plan. The total amount BBVA plans to raise in the debt market has increased by 72% on average, compared to the midpoint of its range, according to analyst figures.

The bank now anticipates needing between 11 and 13 billion euros for the year, up from just 6 to 8 billion euros three months ago. Credit growth is driving the need for more financing to support expansion and meet crisis buffers required by regulators (the MREL). This requirement is calculated on assets weighted by risk, so any overestimation forces BBVA to hold more computable debt.

The recent record for BBVA is 8.842 million euros, and it is expected to reach 13 billion euros, or 162% higher than in 2025, if the credit activity shows the same vigor in the second half as it did in the first. BBVA has capitalized on favorable conditions in the fixed-income market to issue debt, raising 11.674 million euros so far, leaving less than 1.300 million euros to reach its target, with more than three months remaining.

The bank is diversifying its financing, raising more dollars than euros this year, with 6.174 million euros in dollars compared to 5.500 million euros in euros. BBVA aims to become a more frequent player in the U.S. debt market, according to financial sources, as it is the world's largest and deepest. This move will provide access to a larger investor base and better dynamics for executing operations.

The bank's financial team is also working to progressively optimize the capital structure, aiming to reduce the costliest capital (CET1) towards the targeted 11.5% to 12% range. BBVA has announced a new share buyback plan worth 2 billion euros, which will bring its ratio down to 12.41%. The bank still has work to do to meet the CET1 target, but it can achieve this by increasing contingent convertible bonds (CoCos or AT1), which are considered Tier 1 Additional.

BBVA has 1,53% of its assets weighted by risk backed by this debt, aiming to reach 1.78%. The bank will need to issue more of these bonds, as there are over 1.750 million euros in maturities in the next two years. Additionally, BBVA will need to manage subordinated debt, which fills the Tier 2 slot. Currently, BBVA holds 2.99% of its assets weighted by risk in this category, while regulators allow a maximum of 2.38%. This indicates that BBVA will likely miss some refinancing opportunities in the future.