Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 82

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 82
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 Distribution Rate on the Preferred Securities will initially be 7.750% per annum. However, the Distribution Rate will be reset on each
Reset Date such that from (and including) each Reset Date, the applicable per annum interest rate will be equal to the aggregate of the Initial Margin and the 5-year UST for such Reset Period, and such
aggregate converted to a quarterly rate in accordance with market convention (rounded to four decimal places, with 0.00005 rounded down), all as determined by the Calculation Agent on the relevant Reset Determination Date. The Distribution Rate
applicable from (and including) each Reset Date could be less than the initial Distribution Rate and/or the Distribution Rate that applied immediately prior to such Reset Date, and could be less than the return an investor could realize from another
equivalent investment on such Reset Date, which in turn could have a material adverse effect on the market value of an investment in the Preferred Securities.

Additionally, because the Distribution Rate on the Preferred Securities will be fixed until the next Reset Date, an investment in the
Preferred Securities involves the risk that if market interest rates increase from time to time, this will adversely affect their market value as the return realized on such Preferred Securities may then be less than the return an investor could
realize from another equivalent investment at the relevant time.

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Credit ratings assigned to BBVA or the Preferred Securities may not reflect all risks of an investment in the Preferred Securities, and a downgrade in credit ratings or unfavorable coverage or recommendations from third-party securities analysts could adversely affect the trading prices of the Preferred Securities.

Credit ratings may not reflect the potential impact of all risks related to the structure of or market for the Preferred Securities, or any of
the additional factors discussed above, and do not address the price, if any, at which the Preferred Securities may be resold (which may be substantially less than the original offering price of the Preferred Securities) and other factors that may
affect the value of the Preferred Securities.

Any real or anticipated change in the credit ratings assigned to BBVA or the Preferred
Securities may affect the market value of the Preferred Securities. Such change may, among other factors, be due to a change in the methodology applied by a rating agency to rating securities with similar structures to the Preferred Securities, as
opposed to any revaluation of BBVA’s financial strength or other factors such as conditions affecting the financial services industry generally. For example, credit ratings may be revised as a result of changes in rating agencies’