Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 79

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 79
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 time be entitled to set-off BBVA’s obligations
under the Preferred Securities against obligations owed by them to BBVA.

The Preferred Securities may be subject to the exercise of the Spanish Bail-inPower by the Relevant Spanish Resolution Authority. This and other powers contained in Law 11/2015 and the SRM Regulation could materially affect your rights under, and the value of your investment in, the Preferred Securities.

The BRRD and the SRM Regulation are designed to provide authorities with a credible set
of tools to intervene sufficiently early and rapidly in failing or likely to fail credit institutions or investment firms (each an “institution”) so as to ensure the continuity of any such institution’s critical financial and
economic functions, while minimizing the impact of such institution’s failure on the economy and financial system. For a description of such set of tools, including the Spanish Bail-in Power, see
“Item 4. Information on the Company—Business Overview—Supervision and Regulation—Capital Requirements, MREL and Resolution” in our 2023 Form 20-F.

In accordance with the provisions of Article 48 of Law 11/2015 (without prejudice to any exclusions that may be applied by the Relevant
Spanish Resolution Authority in accordance with Article 43 of Law 11/2015), in the event of any application of the Spanish Bail-in Power, any resulting write-down or conversion power exercised by the
Relevant Spanish Resolution Authority will be carried out in the following sequence (proportionally in each segment and to the extent necessary): (i) CET1 Capital; (ii) the principal amount of Additional Tier 1 Instruments (which includes
the Preferred Securities); (iii) the principal amount of instruments of BBVA qualifying as Tier 2 capital (capital de nivel 2) as provided under Applicable Banking Regulations (“Tier 2 Capital”), in whole or in part;
(iv) the principal amount of subordinated claims other than Additional Tier 1 Capital or Tier 2 Capital; and (v) the principal or outstanding amount of the remaining eligible liabilities in the order of the hierarchy of claims in normal
insolvency proceedings.

Upon any application of the Spanish Bail-in Power, holders of the
Preferred Securities may be subject to, among other things, write-down (including to zero, which, in the case of the Preferred Securities, would result in there being no conversion of the Preferred Securities) and/or conversion into equity or other
securities or obligations of the Preferred Securities under terms different or less advantageous for holders