Commentary & Deal Flow

Spread set at: 4yr: SARON MS+78bp 7yr: SARON MS+93bp
Update: 4yr: New min size CHF 175m 7yr: New min size CHF 150m
Guidance: 4yr: SARON MS+75/80bp 7yr: SARON MS+90/95bp

• Issuer: Banco Bilbao Vizcaya Argentaria S.A.
• Ticker: BBVASM
• Issuer Domicile: Spain
• Format: Public Fixed-Rate Bonds
• Status: Green Senior Preferred Notes
• Issuer Rating: A2 (Stable) / A+ (Stable) / A (Stable) by Moody's / S&P / Fitch respectively
• Instrument Rating (exp): A2 / A+ / A by Moody's / S&P / Fitch
• Issue Size:
  • 4yr: Min. CHF 175m
  • 7yr: Min. CHF 150m
• Coupon:
  • 4yr: 1.2925% p.a. (indicative), will price at par
  • 7yr: 1.53% p.a. (indicative), will price at par
• Maturity:
  • 4yr: 4 years (18-Nov-26 until 18-Nov-30)
  • 7yr: 7 years (18-Nov-26 until 18-Nov-33)
• Spread/Yield:
  • 4yr: SARON MS +75.0 /+80.0 // YTM 1.293% /1.343% // Govt.+91 /+96
  • 7yr: SARON MS +90.0 /+95.0 // YTM 1.53% /1.58% // Govt.+111 /+116
• Lead Manager(s): Commerzbank, UBS
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: Under the Issuers €40bn Global Medium Term Note and Covered Bond Programme dated 17-Jul-26 as supplemented on 2-Nov-26. Eligible liabilities instruments according to Article 72b CRR
• FinSA Prospectus: Delayed prospectus approval, in accordance with art. 51 FinSA
• Governing Law: Spanish
• Covenants: PP
• SIX Listing: 16-Nov-26
• Denomination: CHF 200,000
• Use of Proceeds: An amount equal to the net proceeds from the issue of the Notes is intended to be used for financing and/or re-financing specified Green Projects in accordance with certain prescribed eligibility criteria
• Sales Restrictions: As per the Issuers €40bn Global Medium Term Note and Covered Bond Programme dated 17-Jul-26 (except for Switzerland)
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients (all channels for distribution channels). Public Offering in Switzerland only.
• Retail Restrictions: EEA & UK domiciled: Applicable Other: Subject to applicable regulations and restrictions
• Timing: Books to close 11.30 CET, pricing shortly thereafter