Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 31

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 31
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 to the Calculation Agent, that establishes yield on actively traded U.S. Treasury securities, and “most recent H.15” means 
 the H.15 that includes a yield to maturity for U.S. Treasury securities with a maturity of five years, published closest in time (but prior to) the relevant Reset Determination Date.                                            |

S-18

| Regular Record Date | The regular record date for the Distribution payable on any Distribution Payment Date on the Preferred Securities will be the 15th calendar day (whether or not a Business Day) preceding a Distribution Payment Date. |

| Business Day Convention | Following, unadjusted |

| Day Count Fraction | 30/360 (ISDA) |

| Distributions Discretionary | We may elect, in our sole and absolute discretion, to cancel the payment of any Distribution on the Preferred Securities in whole or in part at any time and for any or no reason. Distributions on the Preferred Securities will be non-cumulative. Accordingly, if any Distribution (or any part thereof) is not paid in respect of the Preferred Securities as a result of our election to cancel such Distribution as described under “Certain 
 Terms of the Preferred Securities—Distributions Discretionary” herein or the limitations on payment set out under “Certain Terms of the Preferred Securities—Distributions—Restrictions on Payments” herein, and                                                                                                                                                                                                                                   
 (with respect to the latter) the below summary (see “—Restrictions on Payments”), then the right of the holders to receive the relevant Distribution (or such part thereof) in respect of the relevant Distribution Period will be                                                                                                                                                                                                                 
 extinguished and we will have no obligation to pay such Distribution (or such part thereof) accrued for such Distribution Period or to pay any interest thereon, whether or not Distributions on the Preferred Securities are paid in respect of any                                                                                                                                                                                               
 future Distribution Period.                                                                                                                                                                                                                                                                                                                                                                                                                        |

| For the avoidance of doubt, non-payment of a Distribution (or any part thereof) in respect of the Preferred Securities shall evidence our exercise of our discretion to cancel such 
 Distribution (or such part thereof), and accordingly such Distribution (or such part thereof) shall also not be due and payable.                                                    |

| Restrictions on Payments | Without limitation on the above, payments of Distributions on the Preferred Securities shall be made only out of our Distributable Items. To the extent that (i) we have insufficient Distributable Items to make Distributions on the Preferred          
 Securities scheduled for payment in the then-current financial year and any interest payments or