Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 84

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 84
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 able to use the rating for regulatory purposes, and the Preferred Securities may have a different regulatory treatment. This may result in relevant regulated investors selling the
Preferred Securities which may affect the trading prices of the Preferred Securities or the trading markets for such Preferred Securities to the extent trading markets for the Preferred Securities develop.

Additionally, the trading market for the Preferred Securities may be affected by research reports that third-party securities analysts publish
about BBVA and the industry and the countries in which it operates. Unfavorable coverage or recommendations in any such research reports could cause the trading price of the Preferred Securities to decline.

An active secondary market in respect of the Preferred Securities may never be established or may be illiquid, and the market price of the Preferred Securities may be subject to factors outside of BBVA’s control, all of which could adversely affect the price at which you could sell the Preferred Securities.

This is a new issue of preferred securities for which there is no active trading market. If an active trading market does not develop or is not
maintained, the market price and liquidity of the Preferred Securities may be adversely affected. Even if a market does develop with respect to the Preferred Securities, it may not be very liquid. The market price of the Preferred Securities could
also be affected by market conditions more generally

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and other factors outside of BBVA’s control and unrelated to the BBVA Group’s business, financial condition and results of operations. These factors include, but are not limited to,
changes in the supply and demand for Additional Tier 1 instruments such as the Preferred Securities resulting from investors’ perceptions of the stability of financial institutions and their confidence in regulatory authorities to promote this
stability, as well as economic, financial, political or regulatory events or judicial decisions that affect BBVA, the BBVA Group, the banking sector or the financial markets generally. In particular, demand for Additional Tier 1 instruments was
adversely affected by the collapse of Silicon Valley Bank (SVB), Signature Bank and First Republic Bank in the United States and Credit Suisse’s financial difficulties and takeover by UBS in 2023.

We intend to apply to list the Preferred Securities on the New York Stock Exchange, and, if approved, trading is expected to commence within
30 days after the initial delivery of the Preferred Securities, but there is no assurance that such application will be accepted and that the Preferred Securities will be admitted to trading on the New York Stock Exchange or that an active trading
market will develop. Accordingly, there is no assurance as