Obligation BBVA Banco 4.135% ( XS0361684391 ) en EUR

BBVA Banco

100 % ⇌

Espagne

XS0361684391 ( en EUR )

4.135% par an ( paiement annuel )

18/05/2023 - Obligation échue

Prospectus brochure de l'obligation BBVA XS0361684391 en EUR 4.135%, échue

50 000 EUR

50 000 000 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 XS0361684391, paye un coupon de 4.135% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 18/05/2023

FINAL TERMS
6 May 2008
BBVA Subordinated Capital, S.A. Unipersonal
Issue of Euro 50,000,000 Fixed Rate to Inflation Linked Subordinated Notes due 2023
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 11th June, 2007 which constitutes a base prospectus for the purposes of
the Prospectus Directive (Directive 2003/71/EC) (the Prospectus Directive), as supplemented by the
Supplement dated 1st August, 2007, the supplement dated 14th November, 2007, the supplement dated
25th January, 2008 and the supplement dated 1st May, 2008, constituting supplementary prospectus 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. 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:
62
(b)
Tranche Number:
1

3.
Specified Currency or Currencies:
Euro ("" or "EUR")
4.
Aggregate Nominal Amount:

(a) Series:
EUR
50,000,000
(b) Tranche:
EUR
50,000,000
5.
Issue Price of Tranche:
100.00 per cent. of the Aggregate Nominal Amount
6. Specified
Denominations:
EUR 50,000

1

7.
(a) Issue Date:
19 May 2008
(b) Interest Commencement Date:
19 May 2008
8.
Maturity Date:
19 May 2023
9.
Interest Basis:
Fixed Rate to Index Linked
(further particulars specified below)
10.
Redemption/Payment Basis:
Redemption at par

11. Change of Interest Basis or In respect of each Interest Period from and
Redemption/ Payment Basis:
including the Issue Date to but excluding 19 May
2010 (such period, the "Fixed Rate Period"), the
Notes shall be Fixed Rate Notes and the calculation
of interest shall be subject to the provisions set out
under the "Fixed Rate Note Provisions" below.
In respect of each Interest Period from and
including 19 May 2010 to but excluding the
Maturity Date (such period, the "Index Linked
Period"), the Notes shall be Index Linked Notes and
the calculation of interest shall be subject to the
provisions set out under the "Index Linked Interest
Note Provisions" below.

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 Applicable

(a) Rate(s) of Interest:
4.75 per cent. per annum in arrear payable annually,
amounting to EUR2,375 per Specified

Denomination

2

(b) Interest Payment Date(s):
19 May 2009 and 19 May 2010, subject to
adjustment, for payment purposes only, to the

Following Business Day Convention.

(c) Fixed Coupon Amount:
EUR 2,375 per Specified Denomination
(d) Broken Amount:
Not Applicable
(e) Day Count Fraction
30/360 (unadjusted)
(f) Determination Dates:
Not Applicable
(g) Other terms relating to the

method of calculating interest for
Fixed Rate Notes:
None
16.
Floating Rate Note Provisions Not
Applicable

17.
Zero Coupon Note Provisions Not
Applicable

18.
Index Linked Interest Note Applicable
Provisions

(a)
Index/Formula:
The Issuer will pay interest amount per Specified
Denomination ("IA"), rounded to two decimal
places, on each Specified Interest Payment Date (as
defined in subparagraph (d) below) determined by
the Calculation Agent in accordance with the
following formula:

IA = Specified Denomination x Interest Rate x Day
Count Fraction

Interest Rate =
3.00% + Maximum [0.00%, EUR YoY CPI] +
Cap1 + Cap2

Where:
"Cap1"= Maximum [0.00%, EURYOYCPI - Strike]
"Cap2"= Maximum [0.00%, EURYOYCPI -[Strike +
0.50%]]
"Strike" = 2.50%
3

"EUR YoY CPI" = [EUR CPIN/EUR CPIN-1]-1
"EUR CPI" means the Euro-Zone Harmonised
Index of Consumer Prices (HICP) excluding
Tobacco Unrevised Series, published on the Index
Source by the Sponsor on a monthly basis;

"EUR CPIN" means the EUR CPI that is 3 months
prior to the relevant Interest Payment Date
.
"EUR CPIN-1" means the EUR CPI that is 15
months prior to the relevant Interest Payment Date

"EUR CPI3" means the EUR CPI of February
2011

"EUR CPI2" means the EUR CPI of February
2010

"N" means the year of the Specified Interest
Payment Date of the relevant Interest Period.
Thereafter N= 3 to 15 [N=3 for Coupon paid in
May 2011, N=15 for coupon paid in May 2023.

"Index Source" means in respect of the EUR CPI
Bloomberg page CPTFEMU <Index> or such other
page or service that may replace CPTFEMU
<Index> for the purpose of displaying the Index
from time to time.

"Sponsor" Means in respect of the EUR CPI,
Eurostat or any successor or successors thereto.

(b)
Any Calculation Agent responsible
Credit Suisse International
for calculating the interest due:
(c )
Provisions for determining Coupon
a) Revision to EUR CPI
where calculation by reference to
Index and/or Formula is impossible
For the purposes of any calculation of the Interest
or impracticable:
Amount under the Notes, the first publication by
Eurostat (The Statistical Office of the European
Communities) of the EUR CPI (excluding all
estimations) for a given month shall be final.
b) Modification to EUR CPI Base Change
If the EUR CPI value for a given month is subject
to a modification of its base of calculation, the
value of the EUR CPI following such change in
base shall be determined by the Calculation Agent
in good faith in accordance with the methodology
published by Eurostat following such change in
4

base. In the event that no such methodology is
published, then the Calculation Agent shall make
such calculation as it, in its reasonable discretion
and acting in good faith, deems appropriate to
determine the EUR CPI value applicable making
any necessary adjustments as seem to be necessary
in order to preserve the economic intention of these
terms and conditions.
c) Substitute EUR CPI
In case that the relevant EUR CPI is not available
on a relevant month, the Calculation Agent will
determine the relevant EUR CPI in accordance with
the following:

(i) If a provisional EUR CPI has already been
published, such index shall automatically be used as
the substitute EUR CPI. Such provisional EUR CPI
would be published under the heading "Substitute
Index".
(ii) If no provisional EUR CPI is available, a
substitute index shall be calculated by the
Calculation Agent in order to preserve the
economic intention of these terms and conditions
on the basis of the most recently published figure
adjusted by the Calculation Agent.
d) Cessation or Substantial Modification of EUR
CPI
In the opinion of the Calculation Agent, if the EUR
CPI ceases permanently to be published or the
method used to calculate the EUR CPI is
substantially modified prior to the relevant date the
Calculation Agent shall make any such adjustments
to such index, if any, as seem to be necessary in
order to preserve the economic intention of these
terms and conditions, and as so adjusted, shall
become the EUR CPI.

(d)
Specified
Period(s)/Specified
Specified Period means the period from and
Interest Payment Dates:
including 19 May 2010 up to but excluding the next
Specified Interest Payment Date and each
subsequent period from and including a Specified
Interest Payment Date to but excluding the next
Specified Interest Payment Date.
Specified Interest Payment Dates means the 19
5

May in each year commencing on 19 May 2011 up
to and including the Maturity Date.

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

20.
Other structured Notes:
Not Applicable
PROVISIONS RELATING TO REDEMPTION
21.
Issuer Call Not
Applicable
22.
Investor Put Not
Applicable
23.
Final Redemption Amount of each
Redemption at Par
Note:

24.
Early Redemption Amount of each
Condition 7(e) shall apply
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 including the exchange event
described in paragraph (iii) of the definition in the
Permanent Global Note
6

26.
New Global Note (NGN):
Yes

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:

(a)
Instalment Amount(s):
Not Applicable
(b)
Instalment Date(s):
Not Applicable
31. Redenomination
applicable:
Redenomination not applicable

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) Date of Subscription Not Applicable
Agreement:
(c)
Stabilising Manager (if any):
Not Applicable
34.
If non-syndicated, of relevant Dealer:
Credit Suisse Securities (Europe) Limited
35.
Total commission and concession:**
Not Applicable
36.
Whether TEFRA D or TEFRA C rules
TEFRA D
applicable or TEFRA rules not
7

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 11th June, 2007 and relating to the Issuer's 40,000,000,000
Global Medium Term Note Programme.
8

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

9

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 the London Stock
Exchange's Gilt-Edged and Fixed Interest Market
with effect from 19 May 2008.

(iii) Estimate of total expenses GBP1,800
related to admission to trading:
2. RATINGS

Ratings:
The Notes to be issued have been rated:
S & P:
AA-
Moody's: Aa2
Fitch:
A+

3.
INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE
Save for any fees payable to the Manager, so far as the Issuer is aware, no person involved in
the issue of the Notes has an interest material to the offer.

4.
PERFORMANCE OF UNDERLYING, EXPLANATION OF EFFECT ON VALUE OF
INVESTMENT AND ASSOCIATED RISKS AND OTHER INFORMATION
CONCERNING THE UNDERLYING (Structured Notes, including Index Linked Notes and
Dual Currency Notes)
Details of past performance of EUR CPI can be obtained from Bloomberg.

10