In early May, Spanish bank BBVA printed a €1.5 billion additional tier 1 (AT1) trade, a transaction that has attracted as much comment in the market for its complexity as for its tight pricing. Despite the fact that the final Capital Requirements Directive rules – and the European Banking Authority technical standards for tier 1 capital – are not due to be published until the end of June, the trade is the first of the new breed of AT1 capital that will emerge from the Basle III regulations.
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