Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 644

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 644
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’s funding operations in capital markets and transactions                  
 involving structured term deposits opened by customers, recognised under the heading “Financial liabilities at amortised cost”. |

| B. | Micro-hedges of transactions involving loans granted to customers, recognised under the heading “Financial                                                                                                        
 assets at amortised cost”, and those involving debt securities under the headings “Financial assets at fair value through other comprehensive income” and “Financial assets at amortised cost”. As at 31 December 
 2023, the hedge of transactions involving loans granted to customers was no longer in effect.                                                                                                                     |

A-466

| C. | Micro-hedges of future transactions. The Institution designates as a hedging item those derivative contracts that                                       
 will be settled at their gross amount through the transfer of the underlying asset (generally fixed-income securities) according to the contract price. |

| D. | Micro-hedging operations carried out by the Group’s securitisation funds. |

| E. | Micro-hedges of transactions involving structured term deposits arranged with customers and which are currently being 
 sold.                                                                                                                 |

| F. | Micro-hedges of interest rates on inflation-linked bonds, recognised under the heading “Financial assets at                                   
 amortised cost”. The Group has arranged financial swaps to hedge future changes in cash flows that will be settled by inflation-linked bonds. |

| G. | Hedges against foreign exchange risk on permanent investments currently cover 393 million pounds sterling and                                                                                                                    
 8,553 million Mexican pesos corresponding to interests held in Group entities (333 million pounds sterling and 9,253 million Mexican pesos as at 31 December 2022) and 480 million US dollars corresponding to interests held in 
 foreign branches (425 million US dollars as at 31 December 2022). All of these hedges are arranged through currency forwards.                                                                                                    |

| H. | Macro-hedges of the Institution’s funding operations in capital markets and transactions involving term                    
 deposits and demand deposits arranged by customers recognised under the heading “Financial liabilities at amortised cost”. |

| I. | Macro-hedges of debt securities classified under the headings “Financial assets at fair value through other                                                                              
 comprehensive income” and “Financial assets at amortised cost”, and of fixed-rate mortgage loans granted to customers recognised under the heading “Financial assets at amortised cost”. |

| J. | Macro-hedges of floating-rate mortgage loans granted to customers recognised under the heading “Financial                                               
 assets at amortised cost”. The average rate of interest rate swaps used