Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 67

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 67
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 a payment of a Distribution on any Distribution Payment Date is cancelled or deemed cancelled (in each case, in whole
or in part) as described herein and thus is not due and payable, purchasers of such Preferred Securities will not be entitled to that Distribution (or if we elect to make a payment of a portion, but not all, of such Distribution, the portion of such
a Distribution not paid) on the relevant Distribution Payment Date. This may affect the value of your investment in the Preferred Securities.

In certain circumstances the terms of the Preferred Securities may be modified, or the Preferred Securities may be substituted for different securities, without the consent of holders.

If a Capital Event or Tax Event, as applicable, occurs and is continuing,
BBVA may, except if a Trigger Event occurs or shall have occurred, and except if a Capital Reduction occurs or shall have occurred (other than in respect of Preferred Securities with respect to which a duly completed Election Notice has been
received during the Election Period), substitute or modify the terms of all (but not less than all) the Preferred Securities, without any requirement for the consent or approval of the trustee or the holders or beneficial owners of the Preferred
Securities, so that such Preferred Securities are substituted for, or their terms are modified to, become again, or remain Qualifying Preferred Securities, subject to satisfaction of the requirements and limitations set forth herein. See
“Certain Terms of the Preferred Securities—Substitution and Modification of the Preferred Securities”.

There can be
no assurance as to how the terms of any Qualifying Preferred Securities resulting from any such substitution or modification will be viewed by the market or whether any such Qualifying Preferred Securities will trade at prices that are at least
equivalent to the prices at which the Preferred Securities would have traded on the basis of their original terms.

In addition, BBVA will
not be under any obligation to have regard to the tax position of any holders in connection with any such substitution or modification of the Preferred Securities or to the tax consequences of any such substitution or modification for individual
holders. No holder shall be entitled to claim any indemnification or payment from or have any other recourse to BBVA or any other person, in respect of any tax consequences of any such substitution or modification for that holder.

There are no events of default, and there are limited remedies available under the Preferred Securities.

The terms of the Preferred Securities and the Indenture do not provide for any events of default. Holders will have no right of acceleration in
the case of any non-payment