Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
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Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 0
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Filed pursuant to Rule 424(b)(5)
Registration No. 333-266391

PROSPECTUS SUPPLEMENT

(to prospectus dated July 29, 2022)

Banco Bilbao Vizcaya Argentaria, S.A.

$1,000,000,000 Series 14 Non-Step-Up Non-CumulativeContingent

Convertible Perpetual Preferred Tier 1 Securities

We are offering $1,000,000,000 aggregate liquidation preference of series 14
non-step-up non-cumulative contingent convertible perpetual preferred tier 1 securities (the “Preferred Securities”). The Preferred Securities are perpetual securities with no maturity date.

From and including January 14, 2025 (the
“Closing Date”) to but excluding January 14, 2032 (the “First Reset Date”) the Preferred Securities will accrue Distributions (as defined herein) at the rate of 7.750% per annum. In respect of the period from and
including the First Reset Date and each fifth anniversary thereafter (each a “Reset Date”) to but excluding the next succeeding Reset Date (a “Reset Period”), the applicable per annum Distribution Rate (as defined
herein) will be equal to the aggregate of 3.249% (the “Initial Margin”) and the 5-year UST (as defined herein) for such Reset Period, and such aggregate converted to a quarterly rate in
accordance with market convention (rounded to four decimal places, with 0.00005 rounded down), all as determined by the Calculation Agent (as defined in the accompanying prospectus)on the relevant Reset Determination Date (as defined
herein). The rate at which the Preferred Securities accrue Distributions in accordance with the Indenture (as defined herein) is referred to herein as the “Distribution Rate”. The Distribution Rate following any Reset Date may be
lower than the initial Distribution Rate and/or the Distribution Rate that applies immediately prior to such Reset Date. Subject to the conditions as described further below, we will pay Distributions on the Preferred Securities quarterly in arrears
on January 14, April 14, July 14 and October 14 of each year (each a “Distribution Payment Date”), commencing on April 14, 2025. The Preferred Securities carry a liquidation preference of $200,000 per Preferred Security (the
“Liquidation Preference”).

We may redeem the Preferred Securities, in whole but not in part, at our