BBVA Announces $1 Billion Preferred Securities Issuance Contingently Convertible into Ordinary Shares

Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) announced an upcoming issuance of preferred securities totaling $1 billion, which will be contingently convertible into ordinary shares of BBVA. This issuance will exclude pre-emptive subscription rights for shareholders. The securities are expected to qualify as Additional Tier 1 Capital under applicable solvency regulations. Distributions will accrue at a rate of 7.125% per annum from May 8, 2026, to May 8, 2033, after which the rate will reset. The issuance is not intended for retail investors and will be listed on the New York Stock Exchange (NYSE). BBVA has also made the director's report and an independent expert's report available on its website and will report them to the upcoming General Shareholders' Meeting. The closing date is expected to be May 8, 2026. BBVA has filed a registration statement, including a prospectus and prospectus supplement, with the SEC for this issuance.