Bond Factsheet
BBVASM 5.125% 18Jan2033 Corp (USD)
BBVA Bancomer, S.A.
Indicative
Full Lot
Bid Price 96.740
Change in Bid Price 0.202
Bid Yield (%) 7.643 %
Change in Bid Yield 0.040
Ask Price 97.373
Change in Ask Price 0.226
Ask Yield (%) 7.311 %
Change in Ask Yield 0.187
Indicative price as of 06 Oct 2026, 4:04pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
BBVA Bancomer, S.A.
Guarantor
-
Announcement Date
11 Jan 2018
Issue Date
17 Jan 2018
Maturity Date
18 Jan 2033
Years to Maturity / Next Call
6.288 / 1.280
Modified Duration
5.122 @ 06 Oct 2026
Issue / Reoffer Price
99.505
Issue / Reoffer Yield
5.189
Coupon Type
Variable
Annual Coupon Rate
5.125
Coupon Frequency
Semi Annually
Seniority
Subordinated
Capital Structure
Tier 2
Reference Rate
Reset Date: 17 Jan 2028
Reset Rate: UST 5 Year + Initial Margin (2.650%)
ISIN
USP16259AM84
CUSIP
AQ7459029
Bond Currency
USD
Total Issue Size
1,000,000,000
Min. Investment Quantity (Nominal)
USD 200,000
Incremental Quantity (Nominal)
USD 1,000
Bond Type
High Yield Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/ N.R
Bond Credit Rating (S&P/ Fitch)
***/ BB+
Shariah Compliant
No
Exchange Listed
Others
Loss Absorption
Trigger Event and Write-Down
Trigger Event
A “trigger event” will be deemed to have occurred if:
(i) the CNBV publishes a determination, in its official publication of capitalization levels for mexican banks, that our fundamental capital ratio, as calculated pursuant to the applicable mexican capitalization requirements, is equal to or below 4.5% (four point five percent);
(ii) both (a) the CNBV has notified us that it has made a determination, pursuant to article 29 bis of the mexican banking law, that a cause for revocation of our license has occurred resulting from (x) our assets being insufficient to satisfy our liabilities, (y) our non-compliance with corrective measures imposed by the CNBV pursuant to the mexican banking law, or (z) our non-compliance with the capitalization requirements set forth in the mexican capitalization requirements and (b) we have not cured such cause for revocation, by (a) complying with such corrective measures, or (b)(1) submitting a capital restoration plan to, and receiving approval of such plan by, the CNBV, (2) not being classified in class iii, iv or v, and (3) transferring at least 75% (seventy five percent) of our shares to an irrevocable trust, or (c) remedying any capital deficiency, in each case, on or before the third or seventh business day in mexico, as applicable, following the date on which the CNBVnotifies us of such determination; or (iii) the banking stability committee, which is a committee formed by the CNBV, the ministry of finance and public credit (secretaría de hacienda y crédito público), banco de méxico and the instituto para la protección al ahorro bancario of mexico, determines pursuant to article 29 bis 6 of the mexican banking law that, under article 148, section ii, paragraphs (a) and (b) of the mexican banking law, financial assistance is required by us to avoid revocation of our license because our assets are insufficient to satisfy our liabilities, or our failure to comply with corrective measures, to comply with capitalization requirements, or to satisfy certain liabilities when due, as a means to maintain the Solvency of the mexican financial system or to avoid risks affecting the mexican payments system and such determination is either made public or notified to us (for the avoidance of doubt, pursuant to annex 1-s of the general rules applicable to mexican banks, a trigger event shall occur if financial assistance or other loans shall be granted to the bank pursuant to article 148, section ii, paragraphs (a) and (b) of the mexican banking law).
Write-down
If a trigger event occurs, the following write-downs shall be deemed to have occurred on the write-down date (as defined below), automatically and without any additional action by us, the trustee or the holders of the notes:
(i) the current principal amount of the notes will automatically be reduced by one or more write-downs by each applicable write-down amount (as defined below) and such write-down shall not constitute an event of default; and
(ii) any holder of notes will automatically be deemed to have irrevocably waived its right to claim or receive, and will not have any rights against us or the trustee with respect to, repayment of, the written-down principal of the notes or any interest with respect thereto (or additional amounts payable in connection therewith), including any and all accrued and unpaid interest with respect to such written-down principal as of the write-down date, irrespective of whether such amounts have become due and payable prior to the date on which the trigger event shall have occurred.
Deferral Interest Payment
We have the right to and will defer but not cancel (except pursuant to one or more write-downs), the payment of interest due on the notes and defer but not cancel (except pursuant to one or more write-downs), the payment of principal thereof for the duration of any suspension period (see “—suspension periods”). In the event of a deferral of the payment of interest on the notes or deferral of payment of principal thereof, we will notify the holders of the notes and the trustee in accordance with the procedures described in the indenture. Payments of interest due on the notes will be cumulative, so that in the event that payments of interest are deferred during a suspension period and subject to the occurrence of one or more write-downs, holders of the notes will have the right to receive following the termination of the suspension period all interest accrued prior to and during the suspension period, but not paid as a result of such suspension period, and such interest will be payable (without any interest on such previously accrued interest) on the next succeeding interest payment date on which a suspension period is no longer in effect, unless such interest payment date occurs on a date that is less than twelve business days after such suspension period ends, in which case any and all interest then payable shall be paid on the date that is twelve business days after the date on which such suspension period ends, except to the extent such interest is cancelled pursuant to one or more write-downs. If a suspension period is in effect on the maturity date or any redemption date or the maturity date or such redemption date is on a date that is less than twelve business days after a suspension period ends, payment of principal will be deferred with interest until the date that is twelve business days after the date on which such suspension period ends, except to the extent such principal is cancelled pursuant to one or more write-downs. When a suspension period is no longer in effect, we will notify the holders of the notes and the trustee in accordance with the procedures described in the indenture. If a write-down occurs, the written-down principal, and any interest accrued with respect thereto during any suspension period, will be cancelled.
Suspension Periods
For purposes hereof, a suspension period will commence and we will defer but not cancel (except pursuant to one or more write-downs) the payment of interest and principal due thereon upon the occurrence of one of the following events:
(1) Any of the following capital ratios applicable to us declines below the minimum percentage required, from time to time, by the mexican capitalization requirements which as of the date hereof are: (a) 10.5% in the case of total net capital (capital neto), (b) 8.5% in the case of tier 1 capital (capital básico), or (c) 7.0% in the case of fundamental capital (capital básico fundamental), plus, in each case, any other applicable capital supplement (currently, a systemically important bank capital supplement (as defined below) for grade iv banks of 1.50% and any countercyclical capital supplement (as defined below) Applicable to us, both to be created by us in four annual steps commencing December 31, 2016) (a “capital ratios event”); or
(2) (2) the cnbv institutes a preventive or corrective measure against us pursuant to articles 121 and 122 of the mexican banking law or any successor provisions (including the corresponding rules set forth under the general rules applicable to mexican banks), which requires deferring or canceling payments of interest and principal otherwise due on the notes if we are classified as class iii (or equivalent classification under successor provisions) or below under the mexican capitalization requirements (a “mexican regulatory event.”)
Issuer Call
Optional Call Date: January 18, 2028
Additional Note
“write-down date” means the date on which a write-down will be deemed to take effect, which shall be the next business day succeeding the date of the trigger event.
Special Event Redemption
We also have the option, but no obligation, under the indenture to redeem the notes at any time prior to the maturity date, in whole (up to the then current principal amount) but not in part, at par plus accrued and unpaid interest due on, or with respect to, the notes, plus additional amounts, if any, up to, but excluding, the date of redemption, upon the occurrence of a special event (as defined below) affecting the notes ) (a “special event redemption”); provided, however, in the event of such a special event redemption with respect to the notes, (i) we shall be in compliance with applicable mexican capitalization requirements in effect on the applicable redemption date, (ii) after giving effect to the redemption, we maintain each of our capital ratios equal to, or exceeding, the then-applicable capital ratios required by the cnbv in accordance with section iv, c), 1 of annex 1-s of the general rules applicable to mexican banks or any successor regulation, which as of the date of this offering memorandum are (x) 10.5% in the case of total net capital (capital neto), (y) 8.5% in the case of tier 1 capital (capital básico), and (z) 7% in the case of fundamental capital (capital básico fundamental) plus the then-applicable countercyclical capital supplement and systemically important bank capital supplement, or we issue securities that replace the notes such that we remain in compliance with the mexican capitalization requirements, and (iii) we have obtained the authorization from banco de méxico to redeem the notes prior to the applicable redemption date; provided, however, that if at any time a trigger event shall have occurred, or a suspension period shall have commenced and not terminated, then we shall have no obligation to redeem any notes called for special event redemption.
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