06 March 2025
BBVA strengthens its leadership in the Spanish capital markets in 2024
BBVA CIB has reinforced its position in the capital markets with a total volume of €15.61 billion in bonds and loans in 2024. According to data from LSEG, the bank ranks second overall, driven by strong performance in bonds and a 9.74% market share in loans. BBVA CIB is gearing up for an active 2025, with a focus on sustainable financing.
BBVA CIB secured the second position in the combined bonds and loans ranking in Spain, reaching a total volume of €15.61 billion in 2024, surpassing the €13.66 billion recorded in 2023, according to data from the London Stock Exchange Group (LSEG). This marks the third consecutive year that the bank has remained on the podium, further cementing its leadership in the capital markets.
In the bond segment, BBVA CIB stood out as a key underwriter, placing €10.45 billion in bond issuances. In the loan segment, it recorded a volume of €5.16 billion, achieving a 9.74% market share—figures that underscore its national strength.
Key Transactions by BBVA CIB: Green Bonds and Syndicated Loans
Among BBVA CIB’s most significant transactions was FCC Servicios Medio Ambiente’s €600 million green bond issuance with a seven-year maturity, where BBVA acted as Sole Global Coordinator and Green Structuring Bank. The proceeds were used to finance the company’s sustainable investment projects.
In the syndicated loan segment, notable deals included:
- Naturgy’s €1 billion refinancing, where BBVA served as Bookrunner and MLA.
- Cepsa’s €1 billion financing, in which BBVA acted as Bookrunner and Documentation Agent.
Capital Markets Trends in 2024
Overall, the capital markets in 2024 remained resilient despite geopolitical tensions, with total bond and loan volumes reaching €201.63 billion—an increase of €22.19 billion compared to 2023. The bond market grew by 12% to €148.64 billion, while the loan market expanded by 9%, reaching €52.99 billion. Refinancing transactions and greenfield project financing, particularly in renewable energy, drove market activity.
According to Reyes Bover, Head of Debt Capital Markets Europe at BBVA CIB, “The lower interest rate environment was highly favorable, boosting demand for longer-term and subordinated products while broadening the spectrum of issuers accessing the market. Last year’s milestones reflect a transitional 2024 in the eurozone bond market, shaped by changes in monetary policy, strong issuance activity, increased subordinated and high-yield issuance, and a growing focus on sustainable investments—setting the stage for financial trends in 2025.”
Meanwhile, Almudena López Blas, Head of Investment Banking & Finance Spain at BBVA CIB, highlighted that “2024 saw a growing volume of leveraged finance transactions in a favorable environment for issuances, in a market dominated by refinancings and repricings, despite geopolitical conflicts and partial uncertainty surrounding the U.S. elections.”
BBVA CIB has the capabilities and expertise needed to maintain its leadership in these key areas, which drive its growth in a dynamic and expanding market.
2025 Outlook
Looking ahead to 2025, Reyes Bover predicts, “We expect a strong supply of euro-denominated issuances, with a particular focus on green bonds aligned with the European taxonomy and refinancing operations. In Spain, we anticipate that public sector issuers, utilities, and real estate/construction companies will be the most active.”
Almudena López Blas added, “The upward trend in activity is expected to continue throughout 2025, with major transactions stemming from acquisition processes both domestically and internationally. Banking competition will remain fierce in a context of further interest rate cuts, creating optimal conditions for companies to raise new debt.”