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BBVA (BBVA) calls GBP 300M Tier 2 subordinated notes for July 2026

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) has decided to redeem early a GBP 300 million issue of subordinated notes that count as Tier 2 capital. The decision follows authorization from the European Central Bank and is described as irrevocable.

The early redemption will occur on 15 July 2026, the Optional Redemption Date. Each subordinated note will be redeemed at an Optional Redemption Amount of GBP 100,000 plus accrued and unpaid interest to (but excluding) that date, amounting to GBP 3,104 per note, paid under the original issue terms.

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Insights

BBVA will call GBP 300M Tier 2 notes on 15 July 2026.

BBVA plans to exercise an early redemption option on GBP 300 million subordinated Tier 2 notes, after receiving authorization from the European Central Bank. The redemption occurs on the Optional Redemption Date, indicating use of a contractual call feature in the instrument.

Noteholders will receive an Optional Redemption Amount of GBP 100,000 per note plus accrued interest of GBP 3,104 per note to, but excluding, 15 July 2026. The economic impact for investors depends on reinvestment terms and BBVA’s future capital instruments, which are not detailed here.

Subordinated notes principal GBP 300 million Aggregate principal amount of Tier 2 subordinated notes to be redeemed
Redemption date 15 July 2026 Optional Redemption Date when early redemption will occur
Principal per note GBP 100,000 per subordinated note Optional Redemption Amount per note, excluding accrued interest
Accrued interest per note GBP 3,104 per subordinated note Accrued and unpaid interest to, but excluding, 15 July 2026
Subordinated Notes financial
"its issue of Subordinated Notes, with an aggregate principal amount of GBP 300 million"
Subordinated notes are loans companies issue that rank below other debts for repayment, meaning holders get paid only after higher-priority creditors if the issuer runs into trouble. Because they act like being farther back in line at a buffet, they usually offer higher interest to compensate for greater risk, so investors watch them for potential higher returns but also increased chance of loss and sensitivity to the issuer’s financial health.
Tier 2 capital financial
"which has been qualifying as Tier 2 capital of the Bank and its Group"
Tier 2 capital is the secondary cushion a bank holds to absorb losses after its core capital is used, made up of items like long-term subordinated debt and certain reserves. Think of it as a backup battery that kicks in only after the main battery fails; it matters to investors because its size and quality affect a bank’s regulatory strength, creditworthiness, and the safety of dividends and bond payments under stress.
Optional Redemption Date financial
"The early redemption will take place on 15 July 2026 (coinciding with the Optional Redemption Date)"
Optional Redemption Amount financial
"The Optional Redemption Amount per Subordinated Note shall be GBP 100,000 plus any accrued and unpaid interests"
European Central Bank regulatory
"Having obtained the corresponding authorization from the European Central Bank, BBVA hereby announces"
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FAQ

What did BBVA announce in its June 2026 Form 6-K (BBVA)?
BBVA announced an irrevocable decision to redeem early a GBP 300 million issue of subordinated Tier 2 notes. The redemption follows authorization from the European Central Bank and will be executed on 15 July 2026 under the notes’ contractual Optional Redemption Date.

What is the size of BBVA’s subordinated notes issue being redeemed?
The subordinated notes issue being redeemed by BBVA has an aggregate principal amount of GBP 300 million. These notes have been qualifying as Tier 2 capital for the bank and its group and are identified by ISIN code XS2206805769 in the announcement.

When will BBVA’s early redemption of the Tier 2 subordinated notes take place?
The early redemption of BBVA’s subordinated Tier 2 notes will take place on 15 July 2026. This date coincides with the Optional Redemption Date specified for the issue, and the redemption will be carried out in line with the notes’ terms and conditions.

How much will noteholders receive per subordinated note in BBVA’s redemption?
Each subordinated note will be redeemed at an Optional Redemption Amount of GBP 100,000 plus accrued and unpaid interest to, but excluding, 15 July 2026. BBVA specifies that this accrued interest amounts to GBP 3,104 for each subordinated note outstanding.

Did BBVA obtain regulatory approval to redeem the GBP 300 million subordinated notes?
Yes. BBVA states it obtained the corresponding authorization from the European Central Bank before deciding to exercise the early redemption. This authorization relates to the GBP 300 million subordinated notes issue that has been qualifying as Tier 2 capital for the bank and its consolidated group.

 

 

 

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 June, 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  

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

 

  Yes No             x  

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

 

  Yes No             x  

 

 

 

 

 

 

 

Banco Bilbao Vizcaya Argentaria, S.A. (“BBVA” or the “Bank”), in compliance with the securities market legislation, hereby communicates the following:

 

OTHER RELEVANT INFORMATION

 

Having obtained the corresponding authorization from the European Central Bank, BBVA hereby announces its irrevocable decision to exercise the early redemption of its issue of Subordinated Notes, with an aggregate principal amount of GBP 300 million and with ISIN code XS2206805769 (the “Issue”), which has been qualifying as Tier 2 capital of the Bank and its Group. The early redemption will take place on 15 July 2026 (coinciding with the Optional Redemption Date),.

 

The Optional Redemption Amount per Subordinated Note shall be GBP 100,000 plus any accrued and unpaid interests until 15 July 2026 (but excluding), amounting to GBP 3,104 per Subordinated Note, and shall be paid in accordance with the terms and conditions of the Issue.

 

Madrid, 9 June 2026

 

This English version is a translation of the original in Spanish for information purposes only. In case of discrepancy, the Spanish original will prevail.

 

 

 

 

SIGNATURE

 

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.
Date: June 9, 2026  
  By: /s/ José María Caballero Cobacho
  Name: José María Caballero Cobacho
  Title: Head of ALM

 

 

 

Source: View Original Filing on SEC EDGAR