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Spain's second-biggest bank BBVA has increased its planned covered bond issue to 1.5 billion euros from 1 billion euros due to high demand, financial sources said on Tuesday.
BBVA is offering a 3-year covered bond at mid swaps plus 225 basis points, with HSBC, Natixis, Credit Agricole, UBS and BBVA leading the issue, the lead managers said.
"BBVA is the first (Spanish) bank to tap the European debt market this year and demand has reached 1.8 billion euros," one of the sources said.
At the end of 2010, concern about Spain's sovereign debt lifted financing costs to euro zone record highs.
Analysts are concerned about the amount of financing required by Spain's government and its banks this spring, which could top a combined 50 billion euros.
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