On July 26, 2007, Calyon launched and priced as Joint Bookrunner a EUR 1 billion Cédulas Territoriales transaction for BBVA, with a maturity of 5 years and a coupon of 4.65%. The transaction was priced in the afternoon of 26th July 07 at midswap +2bp, with an oversubscribed orderbook. The placement was successful, despite difficult market conditions. Investors from 11 countries participated in the book, with German, Norway and Dutch investors leading the geographic distribution and almost 60% of the paper going into real money accounts. BBVA is one of Europe's top banking groups.