Banco Bilbao Vizcaya Argentaria, S.A. filed a Free Writing Prospectus on November 4, 2026, setting pricing terms for three tranches of senior non-preferred notes with a combined settlement date of November 13, 2026.

Key Highlights

  • Three tranches priced: U.S. $750,000,000 of 5.609% Fixed Rate Notes due 2029, U.S. $1,000,000,000 of 6.213% Fixed Rate Notes due 2036, and U.S. $300,000,000 of Floating Rate Notes due 2029.
  • Aggregate proceeds from fixed rate tranches: U.S. $1,744,700,000 before expenses, with the floating rate tranche generating U.S. $299,400,000 before expenses.
  • Settlement date: All three tranches are scheduled to settle on November 13, 2026 (T+6).
  • Floating rate coupon: The 2029 Floating Rate Notes pay Compounded SOFR plus a margin of 114 basis points, with a minimum interest rate of 0.000%.
  • Expected listing: All notes are expected to be listed on the New York Stock Exchange.
  • Expected issue ratings: Baa1 from Moody's, A- from S&P, and A- from Fitch for all three tranches.

Pricing Terms and Structure of the Three Note Tranches

According to the filing, Banco Bilbao Vizcaya Argentaria, S.A. (NYSE:BBVA), a global banking institution, priced three tranches of senior non-preferred notes on November 4, 2026, all offered at 100.000% of principal amount. The 2029 Fixed Rate Notes carry a coupon of 5.609% per annum, priced at a spread of UST+98 basis points over the benchmark 4.875% Treasury due October 15, 2029, which the filing reported at a benchmark yield of 4.629%. The 2036 Fixed Rate Notes carry a coupon of 6.213% per annum, priced at UST+133 basis points over the 4.625% Treasury due August 15, 2036, with a benchmark yield of 4.883%.

The filing states that interest on both fixed rate tranches is payable semi-annually in arrears on May 13 and November 13 of each year, commencing May 13, 2027. The 2029 Floating Rate Notes pay interest quarterly in arrears on February 13, May 13, August 13, and November 13, commencing February 13, 2027. The floating rate is computed using a compounded average of daily SOFR for each quarterly interest period, subject to a floor of 0.000%. Underwriting discounts are 0.200% for the 2029 Fixed Rate Notes and 2029 Floating Rate Notes, and 0.380% for the 2036 Fixed Rate Notes, according to the filing.

The filing also describes redemption provisions applicable to all three tranches, including a tax call, an eligible liabilities event call at 100% of principal plus accrued interest, and a clean-up call exercisable if 75% or more of the aggregate principal amount of a given series has been purchased by the issuer or a group member. The filing notes that any redemption must comply with applicable banking regulations and may require prior regulatory consent. The Bank of New York Mellon, acting through its London Branch, is named as trustee, paying agent, transfer agent, and calculation agent.

What Was Disclosed

Banco Bilbao Vizcaya Argentaria, S.A. filed a pricing term sheet on November 4, 2026, covering three tranches of senior non-preferred notes with principal amounts of U.S. $750,000,000, U.S. $1,000,000,000, and U.S. $300,000,000, all settling November 13, 2026.