Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 78

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 78
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 Preferred Securities into Common Shares pursuant to the Indenture is still to take place at the time of the liquidation or winding-up of BBVA, the
entitlement of holders will be to receive (i) out of the relevant assets of BBVA a monetary amount equal to that which holders of such Preferred Securities would have received on any distribution of the assets of BBVA if such Conversion had
taken place immediately prior to such liquidation or winding-up or (ii) such amounts as may be otherwise provided in accordance with applicable law at such time.

Therefore, if a Conversion takes place, each holder will be effectively further subordinated from being the holder of a subordinated debt
instrument to being the holder of Common Shares and there is an enhanced risk that holders will lose all or some of their investment.

Additionally, there is no restriction on the amount or type of further securities or indebtedness which BBVA may issue or incur which ranks
senior to, or pari passuwith, the Preferred Securities. The incurrence of any such further indebtedness may reduce the amount recoverable by holders on a liquidation or winding-up of BBVA in

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respect of the Preferred Securities and may limit the ability of BBVA to meet its obligations in respect of the Preferred Securities, and result in a holder losing all or some of its investment
in the Preferred Securities. In addition, the Preferred Securities do not contain any restriction on BBVA issuing securities that may have preferential rights to the Common Shares or securities ranking pari passuwith the Preferred Securities
and having similar or preferential terms to the Preferred Securities.

The terms of the Preferred Securities contain a waiver of set-offrights.

No holder of the Preferred Securities may at any time exercise any and all
rights or claims against BBVA for deduction, set-off, netting, compensation, retention or counterclaim arising directly or indirectly under or in connection with any Preferred Security against any right, claim
or liability of BBVA or that BBVA may have or acquire against such holder, directly or indirectly and howsoever arising (and including all such rights, claims and liabilities arising under or in relation to any and all agreements or other
instruments of any kind, whether or not relating to such Preferred Securities). The Preferred Securities and the Indenture provide that holders shall be deemed to have waived all such set-off rights to the
fullest extent permitted by applicable law in relation to all such actual and potential rights, claims and liabilities. As a result, holders will not at any