BBVA Joins Spire Repackaged Note Platform Amid Rising Investor Demand

BBVA has become the 19th dealer on the Spire repackaged note platform, marking its first new addition since RBC Capital Markets joined in April 2023. This expansion comes as demand for repack issuance – structured trades that combine a bond with a derivative overlay to customize risk-and-reward profiles – continues to rise.

The addition of BBVA to the multi-dealer platform was announced on February 20, 2026 according to Risk.net.

What are Repackaged Notes?

Repackaged notes, as well known as structured notes, are debt instruments created by combining a bond with a derivative. This allows investors to tailor the risk and potential return of their investment to specific market views or needs. They are often used to gain exposure to specific assets or strategies without directly owning those assets.

About Spire

Spire is a multi-dealer platform facilitating the issuance of repackaged notes. It allows multiple banks to participate in the creation and distribution of these structured products, increasing liquidity and offering investors a wider range of options. More information about Spire can be found on their website.

BBVA’s Role

BBVA’s participation expands the network of dealers available on the Spire platform, providing investors with increased access to repackaged note offerings. Risk.net provides news and analysis on BBVA and its activities in the financial markets.