Commentary & Deal Flow

Final books at reoffer >€3.6bn (incl. €20mn JLM interest)

Launched: 5yr: €1.25bn @ MS+70bp - Books >€3.2bn (incl. €20mn JLM interest) (pre-rec)
Book Update: Books >€1.5bn (incl. €20mn JLM interest)
IPTs: 5yr: MS+95/100bp

• Issuer: Banco Bilbao Vizcaya Argentaria, S.A. (“BBVA”)
• LEI: K8MS7FD7N5Z2WQ51AZ71
• ISIN: XS3429140398
• Use of Proceeds: In accordance with BBVA Sustainable Debt Financing Framework, dated December 2024 and available at: https://shareholdersandinvestors.bbva.com/debt-investors/issuances-programs/sustainability-bonds/
• Issuer Ratings: A2/A+/A (Moody's/S&P/Fitch) (stable/stable/stable)
• Exp. Issue Ratings: Baa1/A-/A- (Moody's/S&P/Fitch) (stable/stable/stable)
• Instrument: MREL eligible Green Senior Non-Preferred Notes, Unsecured
• Offering Format: Reg S, Cat 2, Bearer form, NGN, TEFRA D Rules apply, no communications with or into the US
• Tenor: 5-year FXD
• Issue Amount: €1.25bn
• Settlement: 30-Jun-26 (T+4)
• Maturity: 30-Jun-31 (5-year)
• Coupon: [●] per cent. Fixed, Annual, payable in arrears, Act/Act (ICMA), Following Unadjusted
• Coupon Payment Date: 30 June every year, commencing on 30-Jun-27
• Issuer Residual Call: Applicable. If, at any time, the outstanding aggregate nominal amount of the Notes is 25 per cent. or less of the aggregate nominal amount of the Series issued, the Notes may be redeemed at the option of the Issuer in whole, but not in part, at the Residual Call Early Redemption Amount together, if appropriate, with interest accrued to (but excluding) the date fixed for redemption in the relevant notice to the Noteholders, subject to compliance with Applicable Banking Regulations then in force, and subject to the prior consent of the Regulator if required. Condition 6(f) applies
• Denominations: €100k+€100k
• Listing: Regulated Market of the Irish Stock Exchange plc, trading as Euronext Dublin
• Docs: BBVA’s €40bn Global Medium Term Note Programme dated 17-Jul-25 (the “Base Prospectus”) as supplemented on 14-Aug-25, 18-Nov-25, 20-Apr-26, and 19-May-26
• Business Day: T2
• Governing Law: Spanish Law
• Hedge Ratio: 101% vs OBL 2.5 31 #193
• Hedge Deadline: 13:40 UKT / 14:40 CET
• Joint Bookrunners: BBVA (B&D), Crédit Agricole CIB, Deutsche Bank, HSBC, Lloyds
• Target market: Manufacturer target market (MIFID II/MIFIR UK product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the UK. The target market assessment indicates that the Notes are incompatible with the knowledge, experience, needs, characteristics, and objectives of clients which are retail clients (as defined in MiFID II) and accordingly the Notes shall not be offered or sold to any retail clients.
• Fees: The Joint Bookrunners will be paid a fee in connection with the transaction (MiFID II)
• Advertisement: This communication is an advertisement. The Base Prospectus dated 17-Jul-25 and its supplements dated 14-Aug-25, 18-Nov-25, 20-Apr-26 and 19-May-26 are available on: https://shareholdersandinvestors.bbva.com/debt-investors/programas/global-medium-term-note/#2025_International_Program and the Final Terms, when published will be available on http://www.ise.ie
• Timing: Books open, today's business. Books to close 11.20 UKT / 12.20 CET.