Green Bond Fact Sheet
Banco Bilbao Vizcaya Argentaria S.A
Issue date: 14-May-2018 Maturity date:14-May-2025 Tenor: 7

Date: 10-May-2018

Issuer Name

BBVA

Amount Issued

EUR1bn (USD1.198bn)

Country of riskSpainCBI Database

Included

Issuer Type1

Financial Corporate

Bond TypeGreen Bond

Green Bond Framework

Link to Framework

Second party opinion

DNV GL

Certification Standard

Not certified

Assurance report

N/A

Certification Verifier

N/AGreen bond rating

N/A☒ Energy☒ Solar☒ Onshore wind
☐ Offshore wind
☒ Geothermal☒ Hydro☐ Tidal☒ Biofuels☒ Bioenergy☒ Waste to energy☐ District heating☐ Electricity grid

☐ Energy storage☐ Energy performance☒ Infrastructure☐ Industry: components☐ Adaptation & resilience☒ Buildings☒ Certified Buildings☐ HVAC systems☒ Energyperformance☐ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☒ Transport☐ Electric vehicles☐ Low emission
vehicles☐ Bus rapid transit☒ Passenger trains☒ Urban rail

☒ Freight rolling stock☒ Coach / public bus☐ Bicycle infrastructure☐ Energy performance☐ Transport logistics☒ Infrastructure☒ Industry: components☐ Adaptation & resilience☒ Water & wastewater☐ Water distribution☒ Water treatment☐ Wastewater
treatment☐ Water storage☐ Storm water mgmt
☐ Desalinisation plants☐ Erosion control☐ Energy performance☒ Infrastructure☐ Industry: components☐ Adaptation & resilience☒ Waste management☒ Recycling☒ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☐ Land use & agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose &paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☐ Other☐ Adaptation &resilience☐ ICT☐ Industry: process

Issue details
Reporting

The issuer will publish an annual SDG Bond report on its website where proceed allocationand environmental impacts of financed projects will be disclosed.

Company information

BBVA is a global financial group providing financial services to more than 30countries. It is a leading bank in the Spanish market and the biggest financial
institution in Mexico.

Firsts, records andcertificationsFirst Spanish bank to issue a green bond and first green bond issued under anSDGs Framework.

Proceeds description

The bond is issued under BBVA’s SDG Framework, which distinguishes between
green and social eligibility criteria and allows the issuer to classify a bond as“green”, “social” or “sustainability” depending on the use of proceeds.
The EUR1bn deal will finance projects under the green eligibility categories ofrenewable energy (83%), energy efficiency (4%), sustainable transport (8%), water
and waste management (5%). For energy efficiency, performance improvements ofat least 30% apply both to retrofits/upgrades of assets and to new technologies.
Buildings that have obtained a green building certification of at least LEED Silver,
BREEAM Good, HQE Good, DNGB Silver España – VERDE or equivalent.

Climate Bonds view

Underwriters

BBVA’s innovative SDGs Framework enables the issuer to keep a clear distinction
between bonds that finance environmental project and social projects. This makes
it easier for investors with a dedicated mandate to identify bonds that comply with
their investment criteria.
We note that the green building certificate thresholds are not on the high-end of
the scale and hope to see this eligibility criteria tightening in the future to alignwith market best practice.
BBVA, Commerz, CACIB, HSBC, SG, UC

Deal comments
Credit RatingA- (Fitch), Baa3 (Moody’s), BBB+ (S&P)

Pricing summary

The order book size reached over EUR3bn. Excess demand allowed it to lower theprice from mid-swaps plus 95 basis points (bps) to mid-swap plus 80bps. (source)

Investors summary

SRI investors represented 51% of the allocation. On a geographical basis, mostinvestors came from France, with Germany, Austria, the Nordics and the UK
following.
77% of the orders were placed by fund managers, 18% from insurance companies
and pension funds and 9% by banks. (source)

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Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign