Spain recently saw its first public, term CLO deal, when its second largest bank, Banco Bilbao Vizcaya Argentaria (BBVA), launched a e1.15 billion ($1.11 billion) issue backed by corporate loans.

The deal, called BBVA-1, priced at wider spreads than anticipated, highlighting the new willingness of Spanish originators to offer premiums to entice foreign investors and internationalize the placement of Spanish issues (ASRI 2/28/2000 p1).

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