Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 558

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 558
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| – | The financial sector suffered a temporary episode of instability, related to the collapse of US regional banks                                                                                                
 Silicon Valley Bank (SVB) and Signature Bank and the acquisition of Credit Suisse by UBS. The authorities managed to contain the financial contagion and, ultimately, the economic consequences were limited. |

| – | The developed nations’ central banks continued their cycle of interest rate hikes in 2023, although the pace                                
 was somewhat less intense than in 2022. In the latter part of the year, they signalled that the rate hike cycle could have reached its end. |

| – | The European Central Bank (ECB) implemented an unprecedented tightening of its monetary policy and ended up raising                                                        
 the deposit rate to a record high of 4.00%. The reduction of its balance sheet also continued, due to the maturity of TLTRO-III loans and the reduction of asset holdings. |

A-380

| – | For its part, the Federal Reserve (Fed) continued to pursue its rake hike cycle, with official interest rates at a                                                                        
 range of 5.25%-5.50%. With regard to its balance sheet, the reduction process continued, interrupted only briefly to respond to the episode of instability caused by the collapse of SVB. |

| – | The Bank of England (BoE) raised its base rate to 5.25% and continued with its balance sheet reduction programme. |

| – | The financial markets performed better in 2023 than the previous year, when a large portion of financial assets 
 posted heavy losses.                                                                                            |

| – | Long-term government bond yields continued on an upward trend for much of the year. They were driven by pressure from                                                                                                                     
 monetary policy tightening, the resilience of the US economy and concerns regarding high levels of need for sovereign debt funding. In the last two months of the year, some unexpected falls in price data and a shift in central banks’ 
 communication policy (particularly that of the Fed) led to a turnaround in yields, which completely reversed the upward trend.                                                                                                            |

| – | The risk premiums on peripheral sovereign debt were at lower levels than those seen at the end of 2022. In the case 
 of Spain, the risk premium remained stable and at low levels.                                                       |

| – | The US dollar posted numerous swings in its exchange rate against the euro, finishing the year at somewhat lower 
 levels compared to the end of 2022 (EUR 1.00 = USD 1