Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 38

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 38
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 and publish the CET1 ratio on at least a quarterly basis. Our calculation shall be binding on the trustee and the holders  
 and beneficial owners of the Preferred Securities.                                                                                                                                                                                                 |

| A Trigger Event will not constitute an Enforcement Event or other default under the terms of the Preferred Securities or the Indenture or the occurrence of any event related to our insolvency or entitle holders to take 
 any action to cause our liquidation, dissolution or winding-up.                                                                                                                                                            |

S-23

| We may not give a notice of redemption with respect to the Preferred Securities if a Trigger Event has occurred. If any notice of redemption of the Preferred Securities has been given and a Trigger Event with respect to                             
 the Preferred Securities occurs prior to the redemption date, the relevant redemption notice shall be automatically rescinded and shall be of no force and effect, there shall be no redemption of the relevant Preferred Securities on such redemption 
 date and, instead, the Trigger Conversion of the Preferred Securities shall take place.                                                                                                                                                                 |

| “Accounting Currency” means euro or such other primary currency used in the presentation of the BBVA Group’s accounts from time to time. |

| “CET1 ratio” means, at any time, with respect to us or the BBVA Group, as the case may be, the reported ratio (expressed as a percentage) of the aggregate amount (in the Accounting Currency) of our CET1                      
 Capital or the CET1 Capital of the BBVA Group, respectively, at such time divided by our Risk Weighted Assets Amount or the Risk Weighted Assets Amount of the BBVA Group, respectively, at such time, all as calculated by us. |

| “Conversion Settlement Date” means the date on which the relevant Common Shares are to be delivered to the Conversion Shares Depository upon Conversion, which shall be as soon as practicable and in any 
 event not later than one month following (or such other period as Applicable Banking Regulations may require) the relevant Conversion Notice Date (as defined in the accompanying prospectus).            |

| “Risk Weighted Assets Amount” means at any time, with respect to us or the BBVA Group, as the case may be, the aggregate amount (in the Accounting Currency) of the risk weighted assets of BBVA or the 
 BBVA Group, respectively, calculated in accordance with CRR and/or Applicable Banking Regulations at such time.                                                                                         |

| Capital Reduction | A “Capital Reduction” shall occur upon the adoption, in accordance with Article 418.3 of the