Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 77

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 77
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 is no restriction on the amount or type of further securities which BBVA may issue or indebtedness which BBVA may incur.

The payment obligations of BBVA under Preferred Securities will constitute direct, unconditional, unsecured and subordinated obligations of
BBVA and, in the case of insolvency (concurso de acreedores) of BBVA, rank as set out in the Indenture in accordance with Article 281.1 of the Spanish Insolvency Law and Additional Provision 14.3 of Law 11/2015 and to the extent permitted by
the Spanish Insolvency Law or any applicable laws relating to or affecting the enforcement of creditors’ rights in Spain and subject to any other ranking that may apply as a result of any mandatory provision of law.

The second paragraph of Article 48(7) of the BRRD, as implemented in Spain through Additional Provision 14.3 of Law 11/2015, clarified that if
an instrument is only partly recognized as an own funds instrument, the whole instrument shall be treated in insolvency as a claim resulting from an own funds instrument and shall rank lower than any claim that does not result from an own funds
instrument. Accordingly, as of the date of this prospectus supplement and according to Additional Provision 14.3 of Law 11/2015, the ranking of the Preferred Securities, any Parity Securities and any other subordinated instruments of BBVA will
depend on whether those instruments constitute at the relevant time an Additional Tier 1 Instrument or a Tier 2 Instrument (as defined herein) of BBVA or an instrument of BBVA not constituting Additional Tier 1 Capital or Tier 2 Capital (as defined
herein) of BBVA.

In addition, if BBVA were wound up, liquidated or dissolved, BBVA’s liquidator would first apply the assets of BBVA
to satisfy all claims of holders of unsubordinated obligations of BBVA and other subordinated claims ranking ahead of any obligations of BBVA in respect of the Preferred Securities. If BBVA does not have sufficient assets to settle claims of prior
ranking creditors in full, the claims of the holders under the Preferred Securities will not be satisfied. Holders will share equally in any distribution of assets with the holders of any other Parity Securities if BBVA does not have sufficient
funds to make full payment to all of them. In such a situation, holders could lose all or part of their investment.

Furthermore, if a
Conversion Event occurs but the relevant conversion of the