Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 130

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 130
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 Unless previously converted into Common Shares (as set forth in “ Description of the Contingent Convertible Preferred Securities of BBVA—Conversion” in the accompanying prospectus, as amended hereby and except as provided in the second paragraph under “ —Liquidation Distribution”), the payment obligations of BBVA under the Preferred Securities will be direct, unconditional, unsecured and subordinated obligations of BBVA and, upon the insolvency ( concurso de acreedores) of BBVA, in accordance with and only to the extent permitted by the Spanish Insolvency Law and any other applicable laws relating to or affecting the enforcement of creditors’ rights in Spain (including, without limitation, Additional Provision 14.3 of Law 11/2015), but subject to any other ranking that may apply as a result of any mandatory provision of law (or otherwise), for so long as the Preferred Securities constitute an Additional Tier 1 Instrument of BBVA, the payment obligations of BBVA under the Preferred Securities will rank:

| (i) | junior to: |

| (a) | any claim in respect of any unsubordinated obligations of BBVA (including where the relevant claim subsequently 
 becomes subordinated pursuant to Article 281.1.1º of the Spanish Insolvency Law); and                           |

| (b) | any claim in respect of any other subordinated obligations of BBVA, present and future, other than under any                                                    
 outstanding Additional Tier 1 Instrument of BBVA (other than, to the extent permitted by law, any Parity Securities, whether so ranking by law or their terms); |

| (ii) | pari passu with each other and with all other claims in respect of contractually subordinated                                                                                                                                 
 obligations of BBVA under any outstanding Additional Tier 1 Instruments, present and future (and, to the extent permitted by law, pari passu with any other Parity Securities, whether so ranking by law or their terms); and |

| (iii) | senior to the Common Shares and any other subordinated obligations of BBVA which by law rank junior to the                                                                                
 Preferred Securities (including, to the extent permitted by law, any contractually subordinated obligations of BBVA expressed by their terms to rank junior to the Preferred Securities), |

S-83

such that any relevant claim in respect of the Preferred Securities will be satisfied, as appropriate, only
to the extent that all claims ranking senior to it have first been satisfied in full, and then pro rata with any claims ranking pari passu with it, in each