Obligation BBVA 0.125% ( XS2322289385 ) en EUR

BBVA

100 % ⇌

Espagne

XS2322289385 ( en EUR )

0.125% par an ( paiement annuel )

24/03/2027 - Obligation échue

Prospectus brochure de l'obligation Banco Bilbao Vizcaya Argent XS2322289385 en EUR 0.125%, échue

100 000 EUR

1 000 000 000 EUR

Banco Bilbao Vizcaya Argentaria (BBVA) est une grande banque multinationale espagnole offrant une gamme complète de services financiers à travers le monde.

L'Obligation émise par BBVA ( Espagne ) , en EUR, avec le code ISIN XS2322289385, paye un coupon de 0.125% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 24/03/2027

PROHIBITION OF SALES TO EEA RETAIL INVESTORS
The Notes are not intended to and shall not be offered, sold or otherwise made available to any retail
investor in the European Economic Area (the EEA). For these purposes, a retail investor means a person
who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU
(as amended, MiFID II); (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended or
superseded, the Insurance Distribution Directive), where that customer would not qualify as a
professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor
as defined in the Prospectus Regulation. Consequently no key information document required by
Regulation (EU) No 1286/2014 (as amended, the PRIIPs Regulation) for offering or selling the Notes
or otherwise making them available to retail investors in the EEA has been prepared and therefore
offering or selling the Notes or otherwise making them available to any retail investor in the EEA may
be unlawful under the PRIIPs Regulation.
PROHIBITION OF SALES TO UK RETAIL INVESTORS
The Notes are not intended to and shall not be offered, sold or otherwise made available to any retail
investor in the United Kingdom (the UK). For these purposes, a retail investor means a person who is
one (or more) of: (i) a retail client as defined in point (8) of Article 2 of Regulation (EU) No 2017/565
as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the EUWA);
(ii) a customer within the meaning of the provisions of the FSMA and any rules or regulations made
under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a
professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms
part of domestic law by virtue of the EUWA; or (iii) not a qualified investor as defined in Article 2 of
Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA. Consequently no
key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law
by virtue of the EUWA (as amended, the UK PRIIPs Regulation) for offering or selling the Notes or
otherwise making them available to retail investors in the UK has been prepared and therefore offering
or selling the Notes or otherwise making them available to any retail investor in the UK may be unlawful
under the UK PRIIPs Regulation.
MIFID II PRODUCT GOVERNANCE/PROFESSIONAL INVESTORS AND ELIGIBLE
COUNTERPARTIES AS THE ONLY TARGET MARKET Solely for the purposes of each
manufacturer's product approval process, the target market assessment in respect of the Notes has led
to the conclusion that: (i) the target market for the Notes is eligible counterparties and professional
clients only, each as defined in MiFID II; and (ii) all channels for distribution of the Notes to eligible
counterparties and professional clients are appropriate. The target market assessment indicates that the
Notes are incompatible with the knowledge, experience, needs, characteristic and objective of clients
which are retail clients (as defined in MiFID II) and accordingly the Notes shall not be offered or sold
to any retail clients. Any person subsequently offering, selling or recommending the Notes (a
distributor) should take into consideration the manufacturers' target market assessment; however, a
distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect
of the Notes (by either adopting or refining the manufacturers' target market assessment) and
determining appropriate distribution channels.
Banco Bilbao Vizcaya Argentaria, S.A.
Issuer Legal Entity Identifier (LEI): K8MS7FD7N5Z2WQ51AZ71
Issue of EUR 1,000,000,000 Senior Preferred Fixed to Floating Notes due March 2027
under the 40,000,000,000
Global Medium Term Note Programme
PART A - CONTRACTUAL TERMS

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Terms used herein shall be deemed to be defined as such for the purposes of the terms and conditions
(the Conditions) set forth in the Offering Circular dated 10 July, 2020 and the supplements to it dated
4 August, 2020, 5 November, 2020 and 5 March, 2021 which together constitute a base prospectus for
the purposes of the Prospectus Regulation (the Offering Circular). This document constitutes the Final
Terms of the Notes described herein for the purposes of the Prospectus Regulation and must be read in
conjunction with the Offering Circular in order to obtain all the relevant information. The Offering
Circular has been published on the website of Euronext Dublin.

1.
Issuer:
Banco Bilbao Vizcaya Argentaria, S.A.
2.
(a)
Series Number:
168
(b)
Tranche Number:
1
(c)
Date on which the Notes will be Not Applicable
consolidated and form a single
Series:
3.
Specified Currency or Currencies:
Euro (EUR)
4.
Aggregate Nominal Amount:

(a)
Series:
EUR 1,000,000,000
(b)
Tranche:
EUR 1,000,000,000
5.
Issue Price:
99.761 per cent. of the Aggregate Nominal
Amount
6.
(a)
Specified Denomination:
EUR 100,000 and integral multiples of EUR
100,000 thereafter
(b)
Calculation Amount (in relation EUR 100,000
to calculation of interest in
global form see Conditions):

7.
(a)
Issue Date:
24 March 2021
(b)
Interest Commencement Date:
Issue Date
8.
Maturity Date:
24 March 2027
9.
Interest Basis:
(a) 0.125 per cent. per annum Fixed Rate in
respect of the period from, and including, the
Interest Commencement Date to, but excluding,
the Optional Redemption Date
(b) if not redeemed in whole on the Optional
Redemption Date, 3-month EURIBOR plus 0.52
per cent. per annum Floating Rate in respect of
the period from, and including, the Optional

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Redemption Date to, but excluding, the Maturity
Date
(see paragraphs 14 and 16 below)

10.
Redemption/Payment Basis:
Subject to any purchase and cancellation or early
redemption, the Notes will be redeemed on the
Maturity Date at 100 per cent. of their nominal
amount
11.
Change of Interest Basis:
24 March 2026
12.
Put/Call Options:
Issuer Call

(see paragraph 19 below)
13.
(a)
Status of the Notes
Senior
(b)
Status of Senior Notes:
Senior Preferred
(c)
Status of Subordinated Notes:
Not Applicable
(d)
Date
Board
approval
for Not Applicable
issuance of Notes obtained:
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
14.
Fixed Rate Note Provisions
Applicable
(a)
Rate(s) of Interest:
0.125 per cent. per annum
(b)
Interest Payment Date(s):
24 March in each year commencing on 24 March
2022 up to and including the Optional
Redemption Date, subject to adjustment for
payment purposes only and not for interest
accrual purposes, in accordance with the
Following Business Day Convention.
(c)
Fixed Coupon Amount(s) for 0.125 per cent. per Calculation Amount (Fixed
Notes in definitive form (and in Coupon EUR 125)
relation to Notes in global form
see Conditions):
(d)
Broken Amount(s) for Notes in Not Applicable
definitive form (and in relation
to Notes in global form see
Conditions):
(e)
Day Count Fraction:
Actual/Actual (ICMA)
(f)
Determination Date(s):
24 March in each year up to and excluding the
Optional Redemption Date

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15.
Fixed Reset Note Provisions
Not Applicable
16.
Floating Rate Note Provisions
Applicable
(a)
Specified
Period(s)/Specified 24 June 2026, 24 September 2026, 24 December
Interest Payment Dates:
2026 and 24 March 2027, subject to adjustment
in accordance with the Business Day Convention
set out in (b) below
(b)
Business Day Convention:
Modified Following Business Day Convention
(c)
Additional Business Centre(s):
Not Applicable
(d)
Manner in which the Rate of Screen Rate Determination
Interest and Interest Amount is
to be determined:
(e)
Party responsible for calculating Not Applicable
the Rate of Interest and Interest
Amount (if not the Principal
Paying Agent):
(f)
Screen Rate Determination:
Applicable
-
Reference Rate:
3month EURIBOR
-
Interest Determination Second Business Day prior to the start of each
Date(s):
Interest Period
-
Relevant Number
Not Applicable
-
Relevant Screen Page:
Reuters EURIBOR01
-
Observation Method:
Not Applicable
-
Observation Look-Back
Period:
Not Applicable
-
Index Determination:
Not Applicable
(g)
ISDA Determination:
Not Applicable
(h)
Relevant Number
Not Applicable
(i)
Linear Interpolation:
Not Applicable
(j)
Margin(s):
+0.52 per cent. per annum
(k)
Minimum Rate of Interest:
Not Applicable
(l)
Maximum Rate of Interest:
Not Applicable
(m)
Day Count Fraction:
Actual/360

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17.
Zero Coupon Note Provisions
Not Applicable
PROVISIONS
RELATING
TO
REDEMPTION
18.
Tax Redemption

If redeemable in part:

(a)
Minimum Redemption Amount: EUR 100,000
(b)
Maximum
Redemption EUR 999,900,000
Amount:
19.
Issuer Call
Applicable
(a)
Optional Redemption Date(s):
24 March 2026
(b)
Optional Redemption Amount:
Calculation Amount
(c)
If redeemable in part:

(d)
Minimum Redemption Amount: EUR 100,000
(e)
Maximum
Redemption EUR 999,900,000
Amount:
(f)
Notice periods:
Minimum period: 30 days
Maximum period: 90 days
20.
Investor Put
Not Applicable
21.
Final Redemption Amount:
Calculation Amount
22.
Early Redemption Amount payable on Calculation Amount
redemption for taxation reasons, on an
event of default, upon the occurrence of
a Capital Event or upon the occurrence
of an Eligible Liabilities Event:
GENERAL PROVISIONS APPLICABLE TO THE NOTES
23.
Form of Notes:
Bearer Notes:

Temporary Bearer Global Note exchangeable for
a Permanent Bearer Global Note which is
exchangeable for Definitive Notes upon an
Exchange Event excluding the exchange event
described in paragraph (iii) of the definition in
the Permanent Global Note
24.
New Global Note (NGN):
Applicable

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25.
Additional Financial Centre(s):
Not Applicable
26.
Talons for future Coupons to be attached No
to Definitive Bearer Notes:
27.
Condition 16 applies:
Yes
28.
Eligible Liabilities Event:
Applicable
29.
Additional Events of Default (Senior Not Applicable
Preferred Notes):
30.
RMB Currency Event:
Not Applicable
31.
Spot Rate (if different from that set out Not Applicable
in Condition 5(h)):
32.
Party responsible for calculating the Not Applicable
Spot Rate:
33.
Relevant Currency (if different from that Not Applicable
in Condition 5(h)):
34.
RMB Settlement Centre(s):
Not Applicable
35.
Governing Law:
Spanish Law

18 March 2021

Signed on behalf of the Issuer:
By:

............................................................................
Duly authorised

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PART B - OTHER INFORMATION

1.
LISTING AND ADMISSION TO TRADING
(a)
Listing
and
Admission
to Application has been made by the Issuer (or on
trading:
its behalf) for the Notes to be admitted to trading
on Euronext Dublin's regulated market and
admitted to the Official List of Euronext Dublin
with effect from 24 March 2021.
(b)
Estimate of total expenses EUR 1,000
related to admission to trading:
2.
RATINGS

The Notes to be issued are expected to be rated:
Moody's Investors Services España, S.A.
(Moody's): A3
Obligations rated A are judged to be upper-
medium grade and are subject to low credit risk;
modifier 3 indicates a ranking in the lower end of
that generic rating category
Standard & Poor's Credit Market Services
Europe Limited (S&P): A-
An obligation rated 'A' is somewhat more
susceptible to the adverse effects of changes in
circumstances and economic conditions than
obligations in higher-rated categories. However,
the obligor's capacity to meet its financial
commitments on the obligation is still strong.
Fitch Ratings España S.A.U. (Fitch): A-
A' ratings denote expectations of low default
risk. The capacity for payment of financial
commitments is considered strong. This capacity
may, nevertheless, be more vulnerable to adverse
business or economic conditions than is the case
for higher ratings.
Each of Moody's, S&P and Fitch is established
in the European Union and is registered under
Regulation (EC) No. 1060/2009 (as amended).
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. The Managers and their affiliates
have engaged and may in the future engage in investment banking and/or commercial

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banking transactions with, and may perform other services for, the Issuer and its affiliates in
the ordinary course of business.
4.
REASONS FOR THE OFFER AND
ESTIMATED NET PROCEEDS
(a)
Reasons for the offer
The net proceeds of the issue of the Notes will be
used the Group's general corporate purposes,
which include making a profit.
(b)
Estimated net proceeds
EUR 995,610,000
5.
YIELD (Fixed Rate Notes and Fixed
Reset Notes only)
(a)
Indication of yield:
0.173 per cent.

The yield is calculated at the Issue Date on the
basis of the Issue Price. It is not an indication of
future yield.
6.
OPERATIONAL INFORMATION

(a)
ISIN:
XS2322289385
(b)
Common Code:
232228938
(c)
CUSIP:
Not Applicable
(d)
Any clearing system(s) other Not Applicable
than Euroclear Bank SA/NV,
Clearstream Banking, S.A. and
the Depository Trust Company
and the relevant identification
number(s):
(e)
Delivery:
Delivery against payment
(f)
Names
and
addresses
of Not Applicable
additional Paying Agent(s) (if
any):
(g)
Intended to be held in a manner Yes. Note that the designation "yes" does not
which would allow Eurosystem necessarily mean that the Notes will be
eligibility:
recognised as eligible collateral for Eurosystem
monetary policy and intra-day credit operations
by the Eurosystem either upon issue or at any or
all times during their life. Such recognition will
depend upon the European Central Bank being
satisfied that Eurosystem eligibility criteria have
been met. The Notes will be deposited initially
upon issue with one of Euroclear Bank SA/NV
and/or Clearstream Banking, S.A. (together, the
ICSDs) acting as common safekeeper.

- 8 -

7.
PROHIBITION OF SALES

(a)
Prohibition of Sales to EEA Applicable
Retail investors:
(a)
Prohibition of sales to UK Retail Applicable
investors:
(b)
Prohibition of Sales to Belgian Applicable
Consumers:
8.
RELEVANT BENCHMARKS

(a)
Relevant Benchmark:
EURIBOR is provided by European Money
Markets Institute (EMMI).
As at the date hereof, EMMI appears in the
register of administrators and benchmarks
established and maintained by the European
Securities and Markets Authority pursuant to the
EU Benchmarks Regulation.

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