Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 397

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 397
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 finance and loans to large corporates, having received an initial guarantee from Sabadell Hermes 1-2024 Designated Activity Company for 111 million US dollars, which covers losses of 
 up to 9.0% on the securitised portfolio.                                                                                                                                                                    |

| – | In June 2024, the Bank carried out one synthetic securitisation transaction of a 1.1 billion euro portfolio of                                                                               
 project finance loans, having received an initial guarantee from Sabadell Boreas 2-2024 Designated Activity Company for 110 million euros (105 million as at 31 December 2024), which covers 
 losses of up to 10.0% on the securitised portfolio.                                                                                                                                          |

| – | In September 2023, the Bank carried out one synthetic securitisation of a 1,139 million euro portfolio of loans                                            
 to SMEs and mid-corporates, having received an initial guarantee from Sabadell Galera 3-2023 Designated Activity Company in the amount of 58 million euros 
 (45 million as at 31 December 2024), covering losses of between 0.95% and 5.05% on the securitised portfolio.                                              |

| – | In September 2022, the Bank carried out one synthetic securitisation transaction of a 1 billion euro portfolio                                                                                 
 of project finance loans, having received an initial guarantee from Sabadell Boreas 1-2022 Designated Activity Company in the amount of 105 million euros (65 million as at 31 December 2024), 
 which covers losses of up to 10.5% on the securitised portfolio.                                                                                                                               |

A-164

| – | In September 2021, the Bank carried out one synthetic securitisation of a 1.5 billion portfolio of loans to SMEs                                                                         
 and mid-corporates, having received an initial guarantee of 75 million euros (38 million as at 31 December 2024), covering losses of between 0.9% and 5.9% on the securitised portfolio. |

These transactions do not meet the requirements of the accounting standards for derecognising assets in securitised portfolios from the consolidated balance sheet. These transactions are given preferential treatment for capital consumption purposes, in accordance with Article 26 of Regulation (EU) 2021/557, with the exception of the transaction