Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 80

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 80
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 as compared to the conversion process envisaged under the terms and conditions of the Preferred Securities. The exercise of any such powers
(or any of the other resolution powers and tools) may result in such holders losing some or all of their investment or otherwise having their rights under the Preferred Securities adversely affected, including by becoming holders of further
subordinated instruments such as the Common Shares. Such exercise could also involve modifications to, or the disapplication of, provisions in the terms and conditions of the Preferred Securities, including, among other provisions, the Liquidation
Preference or any Distributions payable on the Preferred Securities, or the dates on which payments may be due, as well as the suspension of payments for a certain period (but without limiting the right of BBVA under the Preferred Securities and the
Indenture to cancel payment of any Distributions at any time and for any (or no) reason) or indefinitely. As a result, the exercise of any power under Law 11/2015, or any suggestion of such exercise, could materially adversely affect the rights of
holders of Preferred Securities, the market price or value or trading behavior of any Preferred Securities and/or the ability of BBVA to satisfy its obligations under the Preferred Securities.

Furthermore, the exercise of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority
with respect to the Preferred Securities is likely to be inherently unpredictable and may depend on a number of factors which may be outside of BBVA’s control. In addition, the Relevant Spanish Resolution Authority will retain a

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broad element of discretion and it may exercise any of its powers without any prior notice to the holders of any securities. Holders of the Preferred Securities may not be able to refer to
publicly available criteria in order to anticipate any potential exercise of the Spanish Bail-in Power. Because of this inherent uncertainty, it will be difficult to predict when, if at all, the exercise of
any such powers by the Relevant Spanish Resolution Authority may occur.

This uncertainty may adversely affect the value of the Preferred
Securities. The price and trading behavior of the Preferred Securities may be affected by the threat of a possible exercise of any power under Law 11/2015 and/or the SRM Regulation (including early intervention measures before becoming subject to
resolution measures) or any suggestion of such exercise, even if the likelihood of such exercise is remote. Moreover, the Relevant Spanish Resolution Authority may exercise any such powers without providing any advance notice to the holders of the
Preferred Securities.

In addition, the European Banking Authority