Commentary & Deal Flow

Reoffer: 4yr: SARON MS+78bp / 100 / 1.305% 7yr: SARON MS+93bp / 100 / 1.5375%

Launched: 4yr: CHF 205m @ SARON MS+78bp 7yr: CHF 185m @ SARON MS+93bp
Update: 4yr: New min size CHF 200m 7yr: New min size CHF 175m
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: CHF 205mm
  • 7yr: CHF 185mm
• Coupon:
  • 4yr: 1.305% p.a.
  • 7yr: 1.5375% p.a.
• Maturity:
  • 4yr: 4 years (18-Nov-26 until 18-Nov-30)
  • 7yr: 7 years (18-Nov-26 until 18-Nov-33)
• Issue Price: 100%
• Spread/Yield:
  • 4yr: SARON MS +78.0 // YTM 1.305% // Govt.+91
  • 7yr: SARON MS +93.0 // YTM 1.5375% // Govt.+111
• ISIN / Security Number:
  • 4yr: CH1624853136 / 162485313
  • 7yr: CH1624853144 / 162485314
• 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 200000
• 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