BBVA Files Preliminary Prospectus for Multi-Tranche Senior Non-Preferred Notes

Offering Overview

On November 4, 2026, Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) filed a preliminary prospectus supplement on Form 424B5 pursuant to Rule 424(b)(5) relating to a three-tranche debt offering under its existing shelf registration statement (Registration No. 333-289121):

1. Senior Non-Preferred Fixed Rate Notes due 2029 (semi-annual interest payments starting 2027)
2. Senior Non-Preferred Fixed Rate Notes due 2036 (semi-annual interest payments starting 2027)
3. Senior Non-Preferred Floating Rate Notes due 2029 (quarterly interest payments starting 2027)

Structure and Status of the Notes

• Ranking: The notes constitute direct, unconditional, unsubordinated, and unsecured obligations of BBVA. Under Spanish insolvency law (concurso de acreedores):
  • Rank junior to privileged claims (créditos privilegiados), claims against the insolvency estate (créditos contra la masa), and Senior Preferred Obligations.
  • Rank pari passu among themselves and with other Senior Non-Preferred Obligations.
  • Rank senior to subordinated claims (créditos subordinados).
• Bail-in Power: The securities are subject to the exercise of the Spanish Bail-in Power by the Relevant Spanish Resolution Authority, which may reduce, cancel, convert (to equity), or modify the terms of the notes.
• Retail Restrictions: The notes are not intended for retail distribution in the EEA, UK, Spain, or the United States (intended for institutional investors only).

Underwriters & Listing

• Joint Bookrunners: BBVA, Crédit Agricole CIB, HSBC, J.P. Morgan, Mizuho, and UBS Investment Bank.
• Exchange Listing: BBVA intends to list each series on the New York Stock Exchange (NYSE).

Market Impact & Significance

• Significance: Low from an equity dilution perspective. This is a routine capital management/liquidity debt issuance designed to meet regulatory eligible liability and minimum requirement for own funds and eligible liabilities (MREL) standards.