Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 159

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 159
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 initial issuance, including, without
limitation, with respect to Conversion and the acknowledgment and agreement to be bound by and consent to the terms of the Preferred Securities related to the exercise and effects of the Spanish Bail-in Power
set forth under “—Agreement and Acknowledgment with Respect to the Exercise of the Spanish Bail-inPower”.

The Indenture provides that the foregoing agreement and acknowledgment regarding the Spanish Bail-in
Power is governed by Spanish law and that any Bail-in Dispute is subject to the exclusive jurisdiction of the Spanish courts.

See “Risk Factors—Risks Relating to the Preferred Securities—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”.

Purchases of the Preferred Securities

BBVA or any member of the BBVA Group or any other legal entity acting on behalf of BBVA may purchase or otherwise acquire any of the
outstanding Preferred Securities at any price in the open market or

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otherwise, subject to such purchase being in compliance with Applicable Banking Regulations then in force and subject to the prior consent of the Regulator, if required pursuant to such
regulations. Upon their acquisition, such Preferred Securities will immediately cease to be deemed “outstanding” under the Indenture and must be surrendered to the trustee for their cancellation.

Notwithstanding any other provision of the Indenture and subject to compliance with the provisions of any applicable law (including the
Spanish Companies Act and the Applicable Banking Regulations), we and/or any member of the BBVA Group may exercise such rights as we and/or it may from time to time possess to purchase or redeem or buy back any of our shares (including Common
Shares) or any depositary or other receipts or certificates representing the same without the consent of the holders.

Listing

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. If such listing is approved, we will endeavor to maintain such listing as long as the Preferred Securities remain outstanding. Notwithstanding the above, if listing on the New York Stock
Exchange is not approved or if such listing is approved and the Preferred Securities are subsequently removed from listing, we will endeavor to list the Preferred Securities on another organized market in an OECD