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Spain's BBVA offers to buy out subordinated bonds worth 2.8 bln euro

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MADRID, Oct 11 (Reuters) - Spain's second largest bank BBVA

said on Thursday it was offering to buyoutsubordinated bonds worth up to 2.8 billion euros ($3.6 billion)in an effort to strengthen its balance sheet and debt portfolio.

Institutional investors which wished to apply for the offerhad from Oct. 11 to Oct. 26, 1500 GMT, the bank said.

The offer applied across 17 series of debt instruments in avariety of currencies, includng euros, Japanese Yen and BritishSterling.

The maximum discount for the offer was 35 percent, the banksaid.

The longest maturity on offer was Oct 22, 2035 for aYen-denominated instrument while the shortest dated paper, ineuros, matured in Oct. 16, 2015.

The result of the buyout would be published Oct. 29.($1 = 0.7751 euros)

(Reporting By Jesus Aguado, Writing by Paul Day; Editing byJesus Aguado)

((paul.e.day@thomsonreuters.com; +34 91 585 83 08; ReutersMessaging: paul.e.day.thomsonreuters.com@reuters.net))

Keywords: SPAIN BBVA/

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