Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 124

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 124
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 the Preferred Securities to any accrued Distribution which has not been paid in respect of the period from and including the Distribution Payment Date last preceding the date of any substitution or
modification (where not cancelled or deemed cancelled pursuant to, or otherwise subject to the limitations on payment set out under, “—Distributions—Restrictions on Payments” and
“—Distributions—Distributions Discretionary”herein); and (v) are listed or admitted to trading on any stock exchange as selected by us, provided that the Preferred Securities were listed or admitted to trading on a
stock exchange immediately prior to the relevant substitution or modification;

“Regulator” means the European Central
Bank, the Bank of Spain and/or the Relevant Spanish Resolution Authority, as applicable, and/or such other or successor authority having primary bank supervisory authority, in each case, with respect to prudential or resolution matters in relation
to BBVA and/or the BBVA Group from time to time;

“Reset Date” means the First Reset Date and every fifth anniversary
thereafter;

“Reset Determination Date” means, in relation to each Reset Date, the second Business Day immediately
preceding such Reset Date;

“Reset Period” means the period from (and including) a Reset Date to (but excluding) the next
succeeding Reset Date;

“Shareholders” means the holders of Common Shares, meaning the persons in whose names the
relevant Common Shares are from time to time registered in the central registry of the Spanish clearance and settlement system managed by Iberclear or, as the case may be, the accounting book of the relevant participating entity (entidad participante) in Iberclear (or, in the case of a joint holding, the first such named holder); and

“Tier 2 Instrument” means any instrument of BBVA qualifying as Tier 2 Capital.

Distributions

Distributions on the Preferred Securities will be computed on the basis of a 360-day year of twelve 30-day months. The Preferred Securities accrue Distributions: (i) in respect of the period from (and including) the Closing Date to (but excluding) the First Reset Date at the rate of 7.750% per annum; and
(ii) in respect of each Reset Period, at the rate per annum 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