Company: BBVXF
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-198517
Chunk: 370

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-09
Form: 424B3
Chunk 370
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 of Donald Trump, and with the increasing political noise in France and Mexico after their own elections. |

| – | Central banks gained confidence regarding their inflation forecasts and at the                                                  
 mid-year mark started to cut official interest rates, although they were cautious about the future evolution of interest rates. |

| – | The European Central Bank began its series of interest rate cuts in June and placed the deposit rate at 3.00% (down                                                                                                        
 from 4.00%). Furthermore, its balance sheet continued to be reduced, due to the discontinuation of reinvestments under the Pandemic Emergency Purchase Programme (PEPP) and the repayment of all liquidity from TLTRO III. |

| – | The Federal Reserve (Fed) cut the target range of the Fed funds rate by 100 basis points to 4.25%-4.50% and indicated that the pace of cuts going forward will be gradual. |

| – | The Bank of England (BoE) started its series of cuts by slashing the base rate by 25 basis points in August and 
 November, to 4.75%.                                                                                             |

| – | Financial markets once again performed well in 2024, building up from last year’s positive performance. |

| – | Yields on long-term government bonds of the main developed countries ended the year at levels above those of 2023 year-end, although with clear signs of volatility during the year as the market progressively adjusted its policy rate cut expectations. |

| – | The risk premiums on peripheral sovereign debt stood at levels lower than those seen at the end of 2023, underpinned                    
 by credit rating agencies’ positive actions, good activity data, the ECB’s emergency programmes and the disbursement of the NGEU funds. |

A-145

| – | Meanwhile, France’s risk premium significantly rebounded in the face of considerable political uncertainty, the 
 bad shape of its public finances and the negative actions of credit rating agencies.                            |

| – | The euro ended the year at more depreciated levels than the dollar, impacted by differences in monetary policy 
 between the Eurozone and the United States, as well as the US presidential elections.                          |

| – | As for the financial markets of emerging countries, sovereign risk premiums rose slightly, in an environment in which                                                                                                          
 tax risks continued to attract attention in countries such as Brazil and Colombia and in which political uncertainty increased in Mexico. This, compounded by falling oil prices, also weighed on these countries’ currencies. |

| –