Obligation BBVA Banco 0.015% ( XS0291892262 ) en EUR

BBVA Banco

100 % ▲

Espagne

XS0291892262 ( en EUR )

0.015% par an ( paiement annuel )

03/04/2022 - Obligation échue

Prospectus brochure de l'obligation BBVA XS0291892262 en EUR 0.015%, échue

50 000 EUR

68 000 000 EUR

BBVA est une banque multinationale espagnole offrant une large gamme de services financiers, notamment la banque de détail, la gestion d'actifs et l'investissement bancaire, opérant principalement en Espagne, en Amérique latine et aux États-Unis.

L'Obligation émise par BBVA Banco ( Espagne ) , en EUR, avec le code ISIN XS0291892262, paye un coupon de 0.015% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 03/04/2022

20 March 2007
BBVA Subordinated Capital, S.A. Unipersonal
Issue of 100,000,000
Subordinated CMS Linked Notes due April 2022
Guaranteed by Banco Bilbao Vizcaya Argentaria, S.A.
under the 40,000,000,000
Global Medium Term Note Programme
PART A CONTRACTUAL TERMS
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set
forth in the Offering Circular dated 13 June 2006 (the "Offering Circular") which constitutes a
base prospectus for the purposes of the Prospectus Directive (Directive 2003/71/EC) (the
Prospectus Directive), as supplemented by the Supplements dated 4 August 2006, 3 and 30
November 2006, 2 and 21 February 2007 and 1 March 2007 each constituting a supplementary
prospectus (together the "Supplements") for the purposes of Section 87G of the Financial
Services and Markets Act 2000. This document constitutes the Final Terms of the Notes
described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in
conjunction with the Offering Circular, as supplemented by the Supplements. Full information
on the Issuer and the offer of the Notes is only available on the basis of the combination of these
Final Terms and the Offering Circular, as supplemented by the Supplements. The Offering
Circular is available for viewing at the office of the Issuer at Gran Vía, 1, Bilbao, Spain and
Paseo de la Castellana, 81, 28046, Madrid, Spain and copies may be obtained from the Principal
Paying Agent at Winchester House, 1 Great Winchester Street, London, EC2N 2DB.

1. (a) Issuer:
BBVA Subordinated Capital, S.A. Unipersonal
(b)
Guarantor:
Banco Bilbao Vizcaya Argentaria, S.A.
2. (a) Series
Number:
48
(b)
Tranche Number:
1
3.
Specified Currency or Currencies:
Euro ("")
4.
Aggregate Nominal Amount:

(a) Series:
100,000,000
(b) Tranche:
100,000,000
5.
Issue Price of Tranche:
100 per cent. of the Aggregate Nominal Amount
6.
Specified Denominations: (in the
50,000
case of Registered Notes, this means

the minimum integral amount in
which transfers can be made)

7.
(a)
Issue Date:
4 April 2007
(b) Interest
Commencement
4 April 2007
Date:
8.
Maturity Date:
4 April 2022, subject to adjustment in accordance
with the Business Day Convention specified
below.
9.
Interest Basis:
Index Linked Interest (further particulars
specified below)
10.
Redemption/Payment Basis:
Redemption at par
11. Change of Interest Basis or Not Applicable
Redemption/ Payment Basis:
12.
Put/Call Options:
Not Applicable
13.
(a)
Status of the Notes:
Subordinated
(b)
Status of the Guarantee:
Subordinated
(c)
Date Board approval for
Not Applicable
issuance of Notes and
Guarantee obtained:

14. Method
of
distribution:
Non-syndicated
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
15.
Fixed Rate Note Provisions Not
Applicable
16.
Floating Rate Note Provisions Not
Applicable
17.
Zero Coupon Note Provisions Not
Applicable
18.
Index Linked Interest Note Applicable
Provisions

(a) Index/Formula:
For the period from, and including, the Interest
Commencement Date to, but excluding, the
Maturity Date the Calculation Agent shall
determine the rate of interest on the relevant
Interest Determination Date in accordance with
the following formula:

CMS10 years + Margin

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Where:

"CMS10 years" means, on each Interest
Determination Date, the Mid Spot of the annual
swap rate expressed as a percentage for a EUR
denominated interest rate swap transaction with
a maturity equal to ten years and for which the
relevant floating rate is 6 month EURIBOR
which appears on the Reuters Page
"ISDAFIX2" (the "Relevant Screen Page")
under the heading "EURIBOR BASIS-EUR"
and above the caption "11.00AM
FRANKFURT" as at 11:00 (Frankfurt time) on
the Interest Determination Date. Such rate
correspond to the definition of EUR-ISDA-
EURIBOR Swap Rate11:00 a.m., contained in
the 2000 ISDA Definitions published by the
International Swaps and Derivatives
Association Ic (the "Definitions").

"Mid Spot" means the mean of the bid and
offered rates for the annual fixed leg of a fixed-
for-floating euro interest rate swap transaction.

"Margin" means 0.03 per cent. per annum.

"Interest Determination Date" means the second
day on which the TARGET system is open prior
to the start of each relevant Interest Period.

The Calculation Agent will notify the Principal
Paying Agent and the Issuer of the Rate of
Interest for the relevant Interest Period as soon
as practicable after calculation the same.

HSBC France
(b) Any Calculation Agent responsible
103 Avenue des Champs-Elysées
for calculating the interest due:
75008 Paris
France

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(c) Provisions for determining Coupon
If the CMS10 years is not determined and
where calculation by reference to
published as provided above on any Interest
Index and/or Formula is impossible or
impracticable:
Determination Date, (CMS10 years does not
appear on the Reuters Page ISDAFIX2 or any
successor of the relevant page), or for any other
reason is unavailable or cannot reasonably be
calculated, the Calculation Agent will determine
the rate in accordance with "EUR-Annual Swap
Rate-Reference Banks" as defined in the 2000
ISDA Definitions.

(d) Specified Period(s)/Specified Specified Period means, the annual period from
Interest Payment Dates:
4 April in each year to the next year, from and
including 4 April 2007 to and excluding 4 April
2022 with no adjustment.
Specified Interest Payment Dates means 4 April
in each year commencing on 4 April 2008 up to
and including Maturity Date, subject to
adjustment, for payment purposes only, in
accordance with the Business Day Convention
specified in 18(e) below

(e) Business Day Convention:
Following Business Day Convention
(f) Additional Business Centre(s): Not
Applicable
(g) Minimum Rate of Interest:
Not Applicable
(h) Maximum Rate of Interest:
Not Applicable
(i) Day Count Fraction:
30/360
19.
Dual Currency Interest Note Not Applicable
Provisions

20. Other structured Notes: Not
Applicable

- 4 -

PROVISIONS RELATING TO REDEMPTION
21.
Issuer Call Not
Applicable
22.
Investor Put Not
Applicable

23.
Final Redemption Amount of each
50,000 per Note of 50,000 Specified
Note:
Denomination
24.
Early Redemption Amount of each
As in Condition 7(e)
Note payable on redemption for
taxation reasons or on event of default
and/or the method of calculating the
same (if required or if different from
that set out in Condition 7(e)):
GENERAL PROVISIONS APPLICABLE TO THE NOTES
25.
Form of Notes:
Bearer Notes:

Temporary Bearer Global Note exchangeable
for a Permanent Bearer Global Note which is
exchangeable for Definitive Notes only upon an
Exchange Event
26. New Global Note (NGN):
No
27. Additional
Financial Centre(s) or other
Not Applicable
special provisions relating to Payment

Dates:
28.
Talons for future Coupons or Receipts
No
to be attached to Definitive Bearer
Notes (and dates on which such
Talons mature):
29.
Details relating to Partly Paid Notes:
Not Applicable
amount of each payment comprising
the Issue Price and date on which each
payment is to be made and
consequences of failure to pay,
including any right of the Issuer to
forfeit the Notes and interest due on
late payment:
30.
Details relating to Instalment Notes:
Not Applicable
31.
Redenomination applicable:
Not Applicable

- 5 -

32.
Other terms or special conditions:
As set out in Condition 18, no substitution of
the Issuer can be effected without the prior
consent of the Bank of Spain (Banco de
España)

DISTRIBUTION
33. (a) If syndicated, names of Not Applicable
Managers:
(b)
Stabilising Manager (if any):
Not Applicable
34.
If non-syndicated, name of relevant
HSBC Bank plc
Dealer:
36.
Whether TEFRA D or TEFRA C rules
TEFRA D
applicable or TEFRA rules not
applicable:
37.
Additional selling restrictions:
Not Applicable
38. Condition 17 applies:
Yes
SYNDICATE REGULATIONS
The regulations of the syndicate of the holders of the Notes are scheduled to the Amended and
Restated Agency Agreement dated 13 June 2006 and relating to the Issuer's 40,000,000,000
Global Medium Term Note Programme.
LISTING AND ADMISSION TO TRADING APPLICATION
These Final Terms comprise the final terms required to list the issue of Notes described herein
pursuant to the 40,000,000,000 Global Medium Term Note Programme of the Issuer.
RESPONSIBILITY
The Issuer and the Guarantor accept responsibility for the information contained in these Final
Terms.
Signed on behalf of the Issuer:
Signed on behalf of the Guarantor:

By:
By:
Duly authorised
Duly authorised

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PART B OTHER INFORMATION

1. LISTING

(i) Listing:
London
(ii)
Admission to trading:
Application has been made for the Notes to be
admitted to trading on Gilt Edged and Fixed
Interest Market with effect from the Issue Date.
(iii)
Estimate of total expenses £2,650
related to admission to
trading:
2. RATINGS

Ratings:
The Notes to be issued have been rated:
S & P:
A+
Moody's: Aa3
Fitch: A+
3.
INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE
ISSUE
Save for any fees payable to the Managers, so far as the Issuer is aware, no person
involved in the issue of the Notes has an interest material to the offer.
4. OPERATIONAL
INFORMATION
(i) Intended to be held in a No
manner which would allow
Eurosystem eligibility:

(ii) ISIN
Code:
XS0291892262
(iii) Common
Code:
029189226
(iv) CUSIP:
Not Applicable
(v)
Clearing system(s) other Not Applicable
than Euroclear and
Clearstream Luxembourg
and the relevant
identification number(s):
(vi)
Delivery:
Delivery against payment
(vii) Names and addresses of Not Applicable
additional Paying Agent(s)
(if any):

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