Banco Bilbao Vizcaya Argentaria is offering senior non-preferred fixed- and floating-rate notes, including notes due 2029. Investors would receive securities intended for New York Stock Exchange listing and delivered through DTC, while accepting Spanish bail-in provisions and risks distinct from insured deposits.

Key Highlights

  • Investors in the notes agree to the exercise and effects of Spain’s bail-in power.
  • BBVA intends to seek New York Stock Exchange listing for the notes, subject to approval.
  • Delivery is expected in registered book-entry form through DTC, with Clearstream Luxembourg and Euroclear among its participants.

BANCO BILBAO VIZCAYA ARGENTARIA, S.A. is offering senior non-preferred fixed-rate and floating-rate notes, including securities due 2029. The proposed notes would give investors access to BBVA Debt instruments carrying different interest-rate structures, while the terms also address listing, settlement and Spanish resolution powers.

Senior Non-Preferred Notes Include 2029 Maturities

The preliminary prospectus supplement is dated August 25, 2026, and the accompanying prospectus is dated July 31, 2025.

BBVA intends to apply for the notes of each series to be listed on the New York Stock Exchange, subject to approval. The underwriters expect to deliver the securities in registered book-entry form through The Depository Trust Company, with Clearstream Luxembourg and Euroclear included among the participating systems. Delivery is expected in 2026.

Investor Terms Include Spanish Bail-In Provisions

The terms also permit BBVA, under specified eligible-liabilities or tax events, to replace all notes in a series or modify their terms without approval from holders or the trustee. Any replacement or modification would be intended to keep the securities as qualifying instruments. The materials direct prospective investors to Spanish and U.S. federal tax considerations and warn that investing in the notes involves significant risks.

Source(s)

  • https://www.sec.gov/Archives/edgar/data/842180/000110465926100551/tm2621607-2_424b5.htm