The yield premium on Banco Bilbao Vizcaya Argentaria’s €2 billion ($2.84 billion) covered bond is the lowest for a Spanish issuer in 11 months. A banker involved in the transaction said the spread on the four-year securities was 155 basis points above the benchmark swap rate, the tightest since Ibercaja offers a 115 bp premium on a €500 million ($709.2 million) issue last April.
