Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 69

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 69
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 Shares in certain prescribed circumstances.

Upon the occurrence of a Trigger Event, the Preferred Securities will be irrevocably and mandatorily (and without
any requirement for the consent or approval of holders or beneficial owners) converted into a number of newly issued Common Shares calculated by BBVA and which shall be binding on the holders. Because a Trigger Event will occur when the CET1 ratio
of BBVA or the BBVA Group will have deteriorated significantly, the occurrence of such Trigger Event will likely be accompanied by a prior deterioration in the market price of the Common Shares, which may be expected to continue after announcement
of such Trigger Event.

Therefore, in the event of the occurrence of a Trigger Event, the Reference Market Price of a Common Share may be
below the Floor Price (which, as of the date of this prospectus supplement, is $3.8974, subject to adjustment as described under “Description of the Contingent Convertible Preferred Securities of BBVA—Conversion—Conversion Price—Anti-Dilution Adjustment of the Floor Price” in the accompanying prospectus), and investors could receive Common Shares at a time when the market price of the Common Shares is considerably less than the Conversion Price. In
addition, holders will receive the relevant Common Shares on the Conversion Settlement Date, which shall be as soon as practicable and in any event not later than one month following (or such other period as Applicable Banking Regulations may
require) the Conversion Notice Date, and, therefore, there may be a delay in a holder receiving its Common Shares following a Trigger Event, during which time the market price of the Common Shares may fall further. Additionally, if a Delivery Notice
is not duly delivered by a holder, any Common Shares underlying the relevant Preferred Securities may be sold, which may also decrease the market price of the Common Shares. As a result, the value of the Common Shares received on conversion
following a Trigger Event could be substantially lower than the price paid for the Preferred Securities at the time of their purchase.

In
addition to the occurrence of a Trigger Event, a Capital Reduction will also constitute a Conversion Event. For these purposes a Capital Reduction means the adoption, in accordance with Article 418.3 of the Spanish Companies Act, by a general
shareholders’ meeting of BBVA of a resolution of capital reduction by reimbursement of cash contributions (restitución de aportaciones) to shareholders by way of a reduction in the nominal value of the shares of such shareholders
in the capital of BBVA.