Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 30

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 30
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-F, the 1H24 Form 6-K and the 9M24 Form 6-K, which are each incorporated by reference in this prospectus supplement.

S-17

The Offering

| Issuer | Banco Bilbao Vizcaya Argentaria, S.A. |

| Issue | $1,000,000,000 series 14 non-step-up non-cumulative contingent convertible perpetual preferred tier 1 securities (the 
 “Preferred Securities”).                                                                                              |

| The Preferred Securities will be issued under the Indenture. |

| Perpetual Securities | The Preferred Securities are perpetual securities and have no stated maturity. |

| Liquidation Preference | $200,000 per Preferred Security. |

| Distribution Rates | The Preferred Securities accrue Distributions: (i) in respect of the period from (and including) the Closing Date to (but excluding) the First Reset Date at the rate of 7.750% per annum; and (ii) in respect of each Reset Period, at the 
 rate per annum equal to the aggregate of 3.249% (the “Initial Margin”) and the 5-year UST for such Reset Period, and such aggregate converted to a quarterly rate in accordance with market                                                 
 convention (rounded to four decimal places, with 0.00005 rounded down), all as determined by the Calculation Agent on the relevant Reset Determination Date; provided that any Distribution Rate shall not be less than zero.               |

| Reset Determination Date | In relation to each Reset Date, the second Business Day immediately preceding such Reset Date. The term “Business Day” means any day, other than Saturday or Sunday, that is neither a Legal Holiday (as defined herein) nor a day 
 on which banking institutions are authorized or required by law, regulation or executive order to close in the City of New York, London or Madrid.                                                                                 |

| 5-year UST | In relation to a Reset Date and the Reset Period commencing on that Reset Date, an interest rate expressed as a percentage determined by the Calculation Agent to be the per annum rate equal to the yield to maturity for U.S. Treasury securities 
 with a maturity of five years as published in the most recent H.15.                                                                                                                                                                                 |

| “H.15” means the daily statistical release designated as such and published by the Board of Governors of the United States Federal Reserve System under the caption “Treasury constant                                            
 maturities”, or any successor or replacement publication as reasonably determined by BBVA and notified