Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 85

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 85
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 to the development or liquidity of any trading market for the Preferred Securities. The liquidity of any market will depend on a number of factors, including: (i) the number of holders
of the Preferred Securities (which may be affected by the fact that the Preferred Securities are complex, non-investment grade securities, not suitable for all investors and that, in the United States, the
Preferred Securities are intended to be sold only to institutional investors); (ii) our ratings published by major credit rating agencies; (iii) our financial performance; (iv) the market for similar securities; (v) the interest of
securities dealers in making a market in the Preferred Securities; and (v) prevailing interest rates.

In addition, any liquidity in
a trading market for the Preferred Securities could be significantly affected by any purchase and cancellation of the Preferred Securities by BBVA or any member of the BBVA Group as provided in the Indenture or any Capital Reduction Conversion.

As a result of any of the factors mentioned above, investors may not be able to sell their Preferred Securities at a particular time or at a
favorable price. This is particularly the case for securities that are especially sensitive to interest rates, currency or market risks, are designed for specific investment objectives and strategies, have been structured to meet the investment
requirements of limited categories of investors or include features such as Conversion, the Spanish Bail-in Power and BBVA’s ability to substitute or modify the terms of the Preferred Securities upon a
Capital Event or a Tax Event. These types of securities would generally have a more limited secondary market and more price volatility than conventional debt securities. Illiquidity may have a material adverse effect on the market value of the
Preferred Securities.

Spanish tax rules may have a detrimental effect on an investment in the Preferred Securities.

According to Article 44 of the regulations approved by Royal Decree 1065/2007 of July 27, as amended by Royal Decree 1145/2011 of
July 29 (as so amended, “RD 1065/2007”), income (as defined herein) obtained in respect of the Preferred Securities will not be subject to withholding tax in Spain, provided certain requirements are met, including that the
paying agent appointed by BBVA (the “Paying Agent”) provides BBVA, in a timely manner, with a duly executed and completed statement setting forth certain information (the “Payment Statement”). See “Spanish Tax Considerations—Contingent Convertible Preferred Securities—Tax Reporting and Withholding