Spanish banking giant BBVA has joined Spire, a multi-dealer repackaged note platform, becoming the 19th dealer on the platform, according to an announcement on February 20, 2026. The move signals increasing investor demand for repackaged notes – complex financial instruments that combine bonds with derivative overlays to tailor risk and reward profiles.
Spire’s expansion with BBVA marks the first addition of a new dealer since RBC Capital Markets joined in April 2023. The platform facilitates structured trades designed to meet specific investor needs, offering customized risk-and-reward characteristics.
The addition of BBVA comes as European regulators are scrutinizing how capital requirements should be calculated for these repackaged notes, specifically those issued on platforms like Spire. According to a report from January 30, 2026, the European Central Bank (ECB) wrote to the European Banking Authority (EBA) in September to discuss whether these instruments should be subject to counterparty credit risk (CCR) or market risk frameworks. The outcome of this debate could significantly impact the pricing of these increasingly popular financial products.
Demand for repack issuance is rising, according to Risk.net, suggesting a growing appetite among investors for these customized financial instruments. BBVA’s participation in Spire is likely to further facilitate this trend.