Commentary & Deal Flow

Tranche 1 (7yr): Final books > €2.7bn. Peak book over €2.7bn+ (pre-rec)

Launched: 7yr: €1.25bn @ MS+75bp - Books over €2.7bn+ (pre-rec)
Book Update: Books over €2bn
IPTs: 7yr: MS+100a

• Issuer: Banco Bilbao Vizcaya Argentaria, S.A.
• ISIN/CC: XS3520603211 / 352060321
• Legal Entity Identifier (LEI): K8MS7FD7N5Z2WQ51AZ71
• Use of Proceeds: In accordance with BBVA Sustainable Debt Financing Framework, dated December 2024 and available at: https://accionistaseinversores.bbva.com/wp-content/uploads/2025/05/202412-BBVA-Sustainable-Debt-Financing-Framework.pdf. The Framework is supported by the Secondary Party Opinion from DNV
• Issuer Ratings: A2 / A+ / A (Moody's / S&P / Fitch)
• Expected Issue Ratings: A2 / A+ / A (Moody's / S&P / Fitch)
• Instrument: Senior Preferred Notes, unsecured. Eligible liabilities instruments according to Article 72b CRR
• Format: Reg S, Bearer form, NGN, TEFRA D Rules apply, no communications with or into the US or Canada
• Size: €1.25bn
• Ranking: Senior Preferred
• Joint Lead Managers: BBVA (B&D), Danske Bank, ING, Natixis and UBS Investment Bank
• Settlement Date: 29-Sep-26 (T+5)
• Maturity Date: 29-Sep-33 (7-year)
• Coupon: [●] per cent. Fixed, Annual, payable in arrears, Act/Act (ICMA), Following Unadjusted
• Interest Payment Dates: 29 September every year, commencing on 29-Sep-27, up and to the Maturity Date, in accordance with the Following Business Day Convention
• Issuer Residual Call: 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
• Denomination: €100k+€100k
• Business Day: T2
• Documentation: BBVA’s €40bn Global Medium Term Note Programme dated 17-Jul-26 (the “Base Prospectus”)
• Listing & Trading: Euronext Dublin’s Regulated Market
• Governing Law: Spanish Law
• Timing: Books open / Today’s business
• Books Subject: 13.15 CET / 12.15 UKT
• Fees: The Joint Lead Managers will be paid a fee in connection to the transaction.
• 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) or UK CCI regime key disclosure document has been prepared as not available to retail in EEA or the UK. The Notes are incompatible with the knowledge, experience, needs, characteristics and objectives of clients which are retail clients.
• Adverstisement: This communication is an advertisement. The Base Prospectus dated 17-Jul-26 is available on: https://shareholdersandinvestors.bbva.com/wp-content/uploads/2026/07/UKEU_AOSHEARMAN-130004878359-v1-BBVA-GMTN-2026-Offering-Circular-Final.pdf and the Final Terms, when published will be available on http://www.ise.ie
• Benchmark: HR 101% vs DBR 2.6% Aug-33
• Hedge Deadline: 14.10 UK / 15.10 CET