Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 61

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 61
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 Spanish laws and their official interpretation. While the Preferred Securities (except as set forth therein) shall be governed by, and construed in accordance with, the laws of the State of New York, the common laws of Spain (including EU regulations) and their official interpretation by supervisory authorities such as the Bank of Spain or the ECB, and changes thereto after the date hereof, may affect the rights and effective remedies of holders as well as the market value of the Preferred Securities. Such changes in law may include changes in statutory, tax and regulatory regimes during the life of the Preferred Securities, which may have an adverse effect on any investment in the Preferred Securities. Such changes may include changes affecting:

| · |     | the calculation of the capital ratios and minimum requirement for own funds and eligible liabilities (“MREL”) of BBVA or the Group or the risk                                           
 weighted assets (“RWAs”) of BBVA or the Group, which could impact the occurrence of a Trigger Event and restrictions on Distributions where subject to a Maximum Distributable Amount or 
 MREL-MDA;                                                                                                                                                                                |

| · |     | the redemption of the Preferred Securities, including the occurrence of a Capital Event or a Tax Event or changes affecting the early redemption of the         
 Preferred Securities at the option of BBVA or the Clean-up Call (see “—The Preferred Securities are perpetual and may be redeemed only at the option of BBVA”); |

| · |     | the ranking of claims in insolvency and/or in the application of the Spanish Bail-in Power, including as a result of                 
 the creation of a general depositor preference, as well as the amount or types of deposits covered by deposit guarantee schemes; and |

| · |     | the definition or calculation of Distributable Items, which may affect Distributions. |

Any legislative and regulatory uncertainty, as well as any uncertainty with respect to regulators’ inclination to write-down or write-offAdditional Tier 1 instruments, could affect an investor’s ability to value the Preferred Securities accurately and therefore affect the market price of the Preferred Securities. Additionally, holders will be subject to any and all changes made with respect to the Common Shares and/or the bylaws of BBVA before the occurrence of a Conversion Event and will not be entitled to any rights with respect to such Common Shares prior to the issue and registration of the Common Shares to be delivered following the occurrence of a Conversion Event. The Preferred Securities are perpetual and may be redeemed only at the option of BBVA. Accordingly, holders will have no ability to cash in their