Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 71

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 71
---
inding of transitional
provisions under CRD IV (as defined in the accompanying prospectus) (see “—The Preferred Securities are complex financial instruments and may be materially affected by any change in the provisions of Spanish laws and their official interpretation”).

Further, the CET1 ratio of BBVA or the BBVA Group at any time may be affected by decisions taken by the BBVA
Group in relation to its businesses and operations (including changes in BBVA’s structure or organization), as well as the management of its capital position (including dividends and other distributions paid in respect of instruments ranking
junior to the Preferred Securities or Parity Securities, or the execution of share buyback programs). CET1 ratios may also be affected by BBVA’s ability to actively manage the RWAs of BBVA and the BBVA Group.

A Trigger Event is likely to occur at a time of stress for BBVA or the BBVA Group and could occur in connection with an exercise, or the
threat of an exercise, of the Spanish Bail-in Power or another resolution tool by the Relevant Spanish Resolution Authority. However, since the Regulator may require BBVA to calculate the CET1 ratio at any
time, a Trigger Event could occur at any time. Due to the inherent uncertainty in advance of any determination of whether a Trigger Event may exist, it will be difficult to predict when, if at all, the Preferred Securities will be converted into
Common Shares. Accordingly, trading behavior in respect of the Preferred Securities is not necessarily expected to follow trading behavior associated with other types of convertible or exchangeable securities. Any indication that BBVA and/or the
BBVA Group, as applicable, is trending towards a Trigger Event can be expected to have an adverse effect on the market price of the Preferred Securities and on the price of the Common Shares. Under such circumstances, investors may not be able to
sell their Preferred Securities easily or at prices comparable to other similar yielding instruments.

Moreover, we have never converted
any Additional Tier 1 security of BBVA into Common Shares and as such there is uncertainty regarding precisely how such conversion would be undertaken.

You will have limited rights after a Trigger Event and the issuance of the Common Shares to the Conversion Shares Depository will constitute an irrevocable and automatic release of all of our obligations in respect of the Preferred Securities.

Following a
Trigger Event, we will be obligated to issue the Common Shares to the Conversion Shares Depository, which will hold the Common Shares on your behalf. Once the Common Shares are delivered to the Conversion