BBVA returned to the market on Wednesday with a three-tranche senior non-preferred bond issue in US dollars. The first tranche has a three-year maturity (2029) and an initial price guidance of IPT + 125 basis points. The second tranche, also maturing in 2029, carries a floating interest rate linked to the SOFR benchmark. The third tranche, with a 10-year maturity, has an initial price guidance of IPT + 160 basis points. The joint bookrunners are BBVA, Crédit Agricole CIB, HSBC, JP Morgan, Mizuho and UBS.