Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 65

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 65
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, and Regulation (EU) 2019/877 of the European Parliament and of the Council of May 20, amending the SRM Regulation (collectively, the “EU Banking Reforms”), any failure by BBVA and/or the BBVA Group to comply with the “combined buffer requirement” when considered in addition to its MREL could result in, among other things, the calculation of the MREL-MDA and the imposition of restrictions or prohibitions on discretionary payments. Following such calculation, any discretionary payments by the relevant entity (including, in the case of BBVA, the payment of
any Distributions on the Preferred Securities) would be subject to the MREL-MDA so calculated. As a consequence, upon any failure by BBVA and/or the BBVA Group to comply with the “combined buffer
requirement”, it may be necessary to reduce (in whole or in part) Distributions in respect of the Preferred Securities. See “Item 3. Key Information—Risk Factors—Regulatory, Tax, Compliance and Reporting Risks—Increasingly onerous capital and liquidity requirements may have a material adverse effect on the Group’s business, financial condition and results of operations” in our 2023 Form
20-F. See also “—Risks Relating to the Exchange Offer—The structure, capital, leverage, liquidity, MREL and resolution profile of the BBVA Group if the Exchange Offer is completed remains uncertain.”.

There are a number of factors (including applicable capital requirements, the amount of CET1 Capital, the
determination of the systemic risk buffer by the relevant authorities, the composition of the “combined buffer requirement” and the calculation of the Maximum Distributable Amount or the MREL-MDA (as
the case may be)) and possible issues of interpretation (including any future changes that may arise from the EU Banking Reforms) which make it difficult to determine how the Maximum Distributable Amount or the
MREL-MDA will apply as a practical matter to limit Distributions on the Preferred Securities. This uncertainty and the resulting complexity may adversely impact the market price and liquidity of the Preferred
Securities.

Furthermore, upon the occurrence of a Trigger Event, no further Distributions on the Preferred Securities will be made,
including any accrued and unpaid Distributions, which will be cancelled.

If, as a result of any of the conditions and restrictions set
out above, only part of the Distributions under the Preferred Securities may be paid, BBVA may proceed, in its sole discretion, to make