Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
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Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
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 option and in our
sole discretion, at any time at the Redemption Price (as defined herein) upon the occurrence of a Tax Event or a Capital Event (each as defined herein) or if Preferred Securities representing, in the aggregate, 75% or more of the aggregate
Liquidation Preference of the Preferred Securities (including any Preferred Securities issued after the Closing Date and any Preferred Securities which have been cancelled by the trustee in accordance with the Indenture) have been purchased by or on
behalf of BBVA or any member of the BBVA Group, subject, in each case, to the conditions described in this prospectus supplement and the accompanying prospectus. The Preferred Securities will also be redeemable in whole but not in part, at our
option and in our sole discretion, on the First Reset Date, and on any Distribution Payment Date thereafter, at the Redemption Price, subject to the conditions described in this prospectus supplement and the accompanying prospectus.

Unless previously converted into Common Shares (as defined herein) pursuant to the conversion provisions of the Indenture and except as
provided in the second paragraph under “Certain Terms of the Preferred Securities—Liquidation Distribution” herein, the payment obligations of BBVA under the Preferred Securities will be direct, unconditional, unsecured and
subordinated obligations of BBVA and, upon the insolvency (concurso de acreedores) of BBVA, in accordance with and only to the extent permitted by the Spanish Insolvency Law (as defined herein) and any other applicable laws relating to or
affecting the enforcement of creditors’ rights in Spain (including, without limitation, Additional Provision 14.3 of Law 11/2015 (as defined herein)), but subject to any other ranking that may apply as a result of any mandatory provision of law
(or otherwise), for so long as the Preferred Securities constitute an Additional Tier 1 Instrument (as defined herein) of BBVA, the payment obligations of BBVA under the Preferred Securities will rank: (i) junior to: (a) any claim in
respect of any unsubordinated obligations of BBVA (including where the relevant claim subsequently becomes subordinated pursuant to Article 281.1.1º of the Spanish Insolvency Law); and (b) any claim in respect of any other subordinated
obligations of BBVA, present and future, other than under any outstanding Additional Tier 1 Instrument of BBVA (other than, to the extent permitted by law, any Parity Securities (as defined herein), whether