Commentary & Deal Flow

Guidance: 3yr: MS+20a 7yr: MS+34a

• Issuer: Banco Bilbao Vizcaya Argentaria, S.A. (“BBVA”)
• LEI: K8MS7FD7N5Z2WQ51AZ71
• Issuer Ratings: A2/A/A+/A(H) (Moody's/Fitch/S&P/DBRS) (Moody's, Fitch and S&P Stable and DBRS Positive)
• Expected Issue Rating: Aaa/AAA (Moody's/DBRS)
• Status of the Notes: Direct, unconditional and unsubordinated obligations of the Issuer. The Notes will benefit from the preferential right on the assets that conform the applicable cover pool. In case of insolvency of the Issuer, and subject to mandatory provisions of law, claims under the Notes will be considered especially privileged claims (créditos con privilegio especial) in accordance with article 270.7º of the Spanish Insolvency Law up to the value of the assets conforming the cover pool. To the extent that claims in relation to the covered bonds are not fully satisfied from the assets conforming the cover pool, the residual claims of the holders will rank pari passu with the claims of unsecured and unsubordinated creditors of the Issuer and in priority to senior non-preferred claims and subordinated claims.
• Notes: Cédulas Hipotecarias (European Premium Mortgage Covered Bonds)
• Form: Reg S Dematerialised book-entry form (anotaciones en cuenta)
• Settlement Date: 23-Jun-26 (T+5)
• Final Maturity Date:
• • 3yr: 23-Jun-29 (3-year Hard Bullet)
  • 7yr: 23-Jun-33 (7-year Hard Bullet)
• Size: € Benchmark (each tranche)
• Guidance:
• • 3yr: MS+20a
  • 7yr: MS+34a
• Business Day: T2
• Coupon:
• • 3yr: [•]% Fixed, Annual, ACT/ACT ICMA
  • 7yr: [•]% Fixed, Annual, ACT/ACT ICMA
• Denominations: €100k + €100k
• Listing: AIAF (Madrid)
• Governing Law: Spanish law
• Doc: Spanish language documentation (the Issuer's EUR 20bn Base Prospectus of Fixed Income Securities 2025, approved by the CNMV on 24-Jul-25, and the Issuer's Universal Registration Document, approved by the CNMV on 12-Mar-26).
• Joint Lead Managers: BBVA (B&D), Commerzbank, ING, Mediobanca, Natixis
• Timing: Books open / Today’s business
• Fees: The Joint Lead Managers will be paid a fee in connection to the transaction.
• Target Market: Manufacturers target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPS key information document (KID) has been prepared as not available to retail in EEA or UK.
• Advertisement: The Base Prospectus, the Universal Registration Document, any applicable Supplements, and the Final Terms, when published, will be available on the CNMV (https://www.CNMV.es).