BBVA issues $2.5B senior non-preferred notes

Banco Bilbao Vizcaya Argentaria, S.A.

Rhea-AI Filing Summary

Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) filed a report describing the issuance and sale of three tranches of senior non-preferred notes under its existing shelf registration. The bank issued U.S.$1,000,000,000 of 4.150% Fixed Rate Notes due 2029, U.S.$1,000,000,000 of 5.127% Fixed Rate Notes due 2036 and U.S.$500,000,000 of Floating Rate Notes due 2029. The filing incorporates related pricing, indentures, note forms and legal opinions by U.S. and Spanish counsel into BBVA’s Form F-3 registration statement and prospectus supplement.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What new debt securities did BBVA (BBVA) issue in this filing?

BBVA issued three senior non-preferred note tranches totaling U.S.$2.5 billion. These include fixed rate notes due 2029 and 2036 and floating rate notes due 2029, expanding the bank’s wholesale funding through its existing Form F-3 shelf registration.

What are the interest rates and maturities of BBVA’s new fixed rate notes?

BBVA’s new fixed rate notes include U.S.$1,000,000,000 at 4.150% due 2029 and U.S.$1,000,000,000 at 5.127% due 2036. These instruments lock in long-term funding costs at specified coupons for the bank’s senior non-preferred debt stack.

What type of instrument are BBVA’s newly issued notes described in the 6-K?

The newly issued securities are senior non-preferred notes, both fixed and floating rate. This means they rank below senior preferred debt but above subordinated instruments in a resolution scenario, and they form part of BBVA’s regulatory-eligible loss-absorbing capital structure.

How much did BBVA issue in floating rate notes due 2029?

BBVA issued U.S.$500,000,000 of senior non-preferred floating rate notes due 2029. These securities pay interest tied to a reference rate rather than a fixed coupon, adding rate-sensitive funding alongside the bank’s new fixed rate debt tranches.

How are these BBVA notes offerings linked to its existing registration statement?

The notes are issued under BBVA’s existing Form F-3 shelf registration. The 6-K explicitly incorporates the note terms, pricing agreement, supplemental indentures, security forms and legal opinions into that registration statement and its related prospectus supplement filed on February 23, 2026.

Which legal firms provided opinions on the legality of BBVA’s new notes?

Davis Polk & Wardwell LLP, as special United States counsel, and J&A Garrigues, S.L.P., as Spanish counsel, provided opinions on the legality of the notes. Their written opinions and related consents are included as exhibits and incorporated into BBVA’s registration materials.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/03/2026 - 09:52 AM EST Learn about SEC filing dates

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of March, 2026

Commission file number: 1-10110

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

(Exact name of Registrant as specified in its charter)

BANK BILBAO VIZCAYA ARGENTARIA, S.A.

(Translation of Registrant’s name into English)

Calle Azul, 4

28050 Madrid

Spain

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F [X] Form 40-F [ ]

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

Explanatory Note

This Report on Form 6-K contains, as exhibits, certain documents listed below relating to the issuance and sale by Banco Bilbao Vizcaya Argentaria, S.A. (the “Issuer”) of U.S.$1,000,000,000 aggregate principal amount of 4.150% Senior Non-Preferred Fixed Rate Notes due 2029 (the “2029 Fixed Rate Notes”), U.S.$1,000,000,000 aggregate principal amount of 5.127% Senior Non-Preferred Fixed Rate Notes due 2036 (the “2036 Fixed Rate Notes”) and U.S.$500,000,000 aggregate principal amount of Senior Non-Preferred Floating Rate Notes due 2029 (the “2029 Floating Rate Notes” and, together with the 2029 Fixed Notes and the 2036 Fixed Rate Notes, the “Notes”). This Report on Form 6-K and the Exhibits hereto are hereby incorporated by reference into the Registration Statement on Form F-3 (No. 333-289121) filed with the Securities and Exchange Commission and into the related prospectus supplement filed with the Securities and Exchange Commission on February 23, 2026.

Exhibit Index

Exhibit		Description of Exhibit
1.1		Pricing Agreement dated February 23, 2026
4.6		First Supplemental Indenture for the 2029 Fixed Rate Notes dated as of March 3, 2026 between the Issuer, as Issuer, and The Bank of New  York Mellon, acting (except with respect to its role as Security Registrar) through its London Branch, as Trustee, Paying Agent, Transfer Agent and Security Registrar
4.7		Second Supplemental Indenture for the 2036 Fixed Rate Notes dated as of March  3, 2026 between the Issuer, as Issuer, and The Bank of New York Mellon, acting (except with respect to its role as Security Registrar) through its London Branch, as Trustee, Paying Agent, Transfer Agent and Security Registrar
4.8		Third Supplemental Indenture for the 2029 Floating Rate Notes dated as of March  3, 2026 between the Issuer, as Issuer, and The Bank of New York Mellon, acting (except with respect to its role as Security Registrar) through its London Branch, as Trustee, Paying Agent, Transfer Agent, Calculation Agent and Security Registrar
4.17		Forms of Security Certificates representing the Notes (included in Exhibits 4.6, 4.7 and 4.8)
5.1		Opinion of Davis Polk & Wardwell LLP, special United States counsel to the Issuer, as to the legality of the Notes being registered
5.2		Opinion of J&A Garrigues, S.L.P., Spanish counsel to the Issuer, as to the legality of the Notes being registered
23.1		Consent of Davis Polk & Wardwell LLP (included in Exhibit 5.1)
23.2		Consent of J&A Garrigues, S.L.P. (included in Exhibit 5.2)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
By:		/s/ Ignacio Echevarría Soriano
Name:		Ignacio Echevarría Soriano
Title:		Authorized Representative

Date: March 3, 2026

Filing Exhibits & Attachments

6 documents

Other Documents

• EX-1.1 EX-1.1 312.6 KB
• EX-4.6 EX-4.6 137.3 KB
• EX-4.7 EX-4.7 137.2 KB
• EX-4.8 EX-4.8 190.8 KB
• EX-5.1 EX-5.1 17.8 KB
• EX-5.2 EX-5.2 78.5 KB