Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 62

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 62
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 investment except in very limited circumstances. The Preferred Securities are perpetual, with no fixed maturity date or fixed redemption date. We are under no obligation to redeem the Preferred Securities at any time, and the holders have no right to call for their redemption. Therefore, you have no ability to cash in your investment except under limited circumstances. In particular, there is no right of acceleration in the case of any non-paymentof Liquidation Preference of, or Distributions on, the Preferred Securities, or in the case of a failure by BBVA to perform any other covenant under the Preferred Securities or under the Indenture. It is only in the event of any voluntary or involuntary liquidation or winding-upof BBVA that the Preferred Securities will confer on holders thereof an entitlement to S-42

receive, out of the assets of BBVA available for distribution to holders, the Liquidation Distribution (as defined in the accompanying prospectus), and then only in the event that such liquidation occurs prior to a conversion into Common Shares. Therefore, holders will have no ability to cash in their investment, except:

| · |     | if BBVA exercises its rights to redeem or purchase the Preferred Securities in accordance with the Indenture (as further described below), although failure by 
 BBVA to make payment of the relevant Redemption Price would not constitute an Enforcement Event or other default; or                                           |

| · |     | by selling their Preferred Securities or, following the occurrence of a Conversion Event and the issue and delivery of Common Shares in accordance with the 
 Indenture, their Common Shares, provided a secondary market exists at the relevant time for the Preferred Securities or the Common Shares.                  |

All, and not some only, of the Preferred Securities may be redeemed at the option of BBVA (subject to such redemption being in compliance with Applicable Banking Regulations then in force and subject to the prior consent of the Regulator, if required pursuant to such regulations) on the First Reset Date, and on any Distribution Payment Date thereafter, at the Redemption Price per Preferred Security. BBVA may be expected to exercise this option when its funding costs are lower than the Distribution Rate at which Distributions are then payable in respect of the Preferred Securities. Further, if, on or after the Closing Date, 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