Company: BBVXF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0000842180-25-000030
Chunk: 25

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-07-31
Form: 6-K
Chunk 25
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. During the first half of 2025 , commercial activity showed dynamism both in deposits, mainly retail, and to a greater extent, in lending by wholesale banks, thus widening the credit gap. – BBVA Mexico showed a solid liquidity situation, with a credit gap that has reduced during the first half of 2025 as a result of growth in deposits above the growth in lending, which have shown strong dynamism in the first half of the year. – In Turkey, Garanti BBVA showed a strong liquidity generation in the first half of 2025 . Thus, the lending gap has reduced both in local and foreign currencies due to a strong increase in deposits exceeding the increase in loans. – In South America, the liquidity situation remains adequate throughout the region in the first half of 2025 . In BBVA Argentina, the credit gap improved in Argentine pesos despite strong loan growth due to the boost in wholesale time deposits. In the US dollar balance sheet, the boost in loan growth combined with the decrease in deposits led to a reduction in excess liquidity in this currency. In BBVA Colombia the credit gap narrowed in the quarter, with growth as a result of balanced growth in deposits and loans. In BBVA Peru the lending gap increased because of the growth in lending and the fall in deposits, although the liquidity situation remained solid. The main wholesale financing transactions carried out by the BBVA Group during the first half of 2025 are listed below, including a relevant transaction formalized in July.

| Issuer               | Type of issue | Date of issue | Nominal(millions) | Currency | Coupon | Earlyredemption | Maturity date |
| BBVA, S.A.           | AT1           |        Jan-25 |             1,000 | USD      | 7.750% | Jan-32          | Perpetual     |
| Tier 2               | Feb-25        |         1,000 |               EUR | 4.000%   | Feb-32 | Feb-37          |               |
| Senior non-preferred | Jul-25        |         1,000 |               EUR | 3.125%   | _      | Jul-30          |               |

Also, on May 10, 2025, BBVA redeemed early and entirely, an issue of simple preferred bonds made in May 2023 for € 1 billion; in March it redeemed in full a USD 1 billion AT1 issue issued in 2019 and in January it redeemed early and