Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 133

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 133
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person, references to Spain in the definition of “Tax Event” shall be deemed to refer to the successor entity’s jurisdiction of incorporation or tax residence.

Redemption Due to a Capital Event

If, on or after the Closing Date, there is a Capital Event, the Preferred Securities may be redeemed, in whole but not in part, at our option
at any time at the Redemption Price, subject to such redemption being in compliance with Applicable Banking Regulations then in force and subject to the prior consent of the Regulator, if required pursuant to such regulations.

A “Capital Event” will be deemed to have occurred with respect to the Preferred Securities if there is a change (or any
pending change which the Regulator considers to be sufficiently certain) in Spanish law or Applicable Banking Regulations that results (or would result) in any of the outstanding aggregate Liquidation Preference of the Preferred Securities ceasing
to be included in, or counting towards, the BBVA Group’s or BBVA’s Tier 1 Capital.

Clean-upCall

If, on or after the Closing Date, Preferred Securities representing, in the aggregate, 75% or more of the aggregate Liquidation Preference of
the Preferred Securities (including any Preferred Securities issued after the Closing Date and any Preferred Securities which have been cancelled by the trustee in accordance with the Indenture) have been purchased by or on behalf of BBVA or any
member of the BBVA Group, the Preferred Securities may be redeemed, in whole but not in part, at our option at any time at the Redemption Price, subject to such redemption being in compliance with Applicable Banking Regulations then in force and
subject to the prior consent of the Regulator, if required pursuant to such regulations (the “Clean-upCall”).

The Clean-up Call is subject to the conditions described under “Description of the Contingent Convertible Preferred Securities of BBVA—Redemption and Repurchase—Pre-Conditionsto Redemptions and Repurchases” in the accompanying prospectus.

Redemption Procedures

The decision to redeem the Preferred Securities must be irrevocably notified by BBVA to holders of the Preferred Securities upon not less than
5 nor more than 30 calendar days’ notice prior to the relevant redemption date (i) through the filing of an “inside information” (información privilegiada) or “other relevant information” (otra información relevante) announcement, as the case may be, with the CNMV and its publication in accordance with the rules and regulations of the stock exchange on