<SEC-DOCUMENT>0001193125-20-243378.txt : 20200911
<SEC-HEADER>0001193125-20-243378.hdr.sgml : 20200911
<ACCEPTANCE-DATETIME>20200910211752
ACCESSION NUMBER:		0001193125-20-243378
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200911
DATE AS OF CHANGE:		20200910

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
		CENTRAL INDEX KEY:			0000842180
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			U3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-232333
		FILM NUMBER:		201169777

	BUSINESS ADDRESS:	
		STREET 1:		CALLE AZUL 4
		CITY:			MADRID
		STATE:			U3
		ZIP:			28050
		BUSINESS PHONE:		011 34 91 537 8172

	MAIL ADDRESS:	
		STREET 1:		CALLE AZUL 4
		CITY:			MADRID
		STATE:			U3
		ZIP:			28050

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANCO BILBAO VIZCAYA ARGENTARIA S A
		DATE OF NAME CHANGE:	20000505

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANCO BILBAO VIZCAYA S A
		DATE OF NAME CHANGE:	19991103

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
		CENTRAL INDEX KEY:			0000842180
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			U3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		CALLE AZUL 4
		CITY:			MADRID
		STATE:			U3
		ZIP:			28050
		BUSINESS PHONE:		011 34 91 537 8172

	MAIL ADDRESS:	
		STREET 1:		CALLE AZUL 4
		CITY:			MADRID
		STATE:			U3
		ZIP:			28050

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANCO BILBAO VIZCAYA ARGENTARIA S A
		DATE OF NAME CHANGE:	20000505

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANCO BILBAO VIZCAYA S A
		DATE OF NAME CHANGE:	19991103
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>d13157dfwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML><HEAD>
<TITLE>FWP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Free Writing Prospectus dated September 10, 2020 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(to Prospectus dated June 25, 2019 and </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Preliminary
Prospectus Supplement dated September 10, 2020) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed pursuant to Rule 433 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration Statement No. 333-232333 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PRICING TERM SHEET </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g13157g0911042007707.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">U.S.$800,000,000 1.125% FIXED RATE SENIOR PREFERRED NOTES DUE 2025 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(the &#147;Fixed Rate Notes due 2025&#148;) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>This Free Writing Prospectus relates only to the Fixed Rate Notes due 2025 described below and should only be read together with the preliminary prospectus
supplement dated September&nbsp;10, 2020 (the &#147;Preliminary Prospectus Supplement&#148;) and the accompanying prospectus dated June&nbsp;25, 2019 relating to these notes (the &#147;Prospectus&#148;). Terms and expressions used but not defined
herein shall have the same meanings as defined in the Preliminary Prospectus Supplement or Prospectus, as applicable. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Concurrently with the
offering of the Fixed Rate Notes due 2025, the Issuer is also offering U.S.$1,200,000,000 aggregate principal amount of 0.875% Fixed Rate Senior Preferred Notes due 2023 (the &#147;Fixed Rate Notes due 2023&#148;). The Fixed Rate Notes due 2023 and
the Fixed Rate Notes due 2025 constitute separate series of notes issued under the Indenture. The settlement of the issuance of the Fixed Rate Notes due 2023 and the Fixed Rate Notes due 2025 is expected to occur simultaneously. </I></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="68%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Issuer:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Banco Bilbao Vizcaya Argentaria, S.A.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Expected Issue Ratings: *</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">A3 Moody&#146;s / <FONT STYLE="white-space:nowrap">A-</FONT> S&amp;P / <FONT STYLE="white-space:nowrap">A-</FONT> Fitch</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Issuer Ratings: *</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">A3 (stable) Moody&#146;s / <FONT STYLE="white-space:nowrap">A-</FONT> (negative) S&amp;P / BBB+ (stable) Fitch</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Status:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Senior Preferred</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Principal Amount:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">U.S. $800,000,000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Form of Issuance:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">SEC Registered</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Pricing Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">September&nbsp;10, 2020</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Settlement Date: **</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">September&nbsp;18, 2020 (T+6)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Maturity Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">September&nbsp;18, 2025</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">CUSIP / ISIN:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">05946K AJ0 / US05946KAJ07</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Benchmark Treasury:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">T 0.250% due August&nbsp;31, 2025</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Benchmark Treasury Yield:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">0.267%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Spread to Benchmark Treasury:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">UST+ 100 bps</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Re-offer</FONT> Yield:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1.267%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Coupon:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1.125%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Price to Public:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">99.314%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Underwriting Discount:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">0.250%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Proceeds to Issuer (before Expenses):</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">99.064% (U.S.$792,512,000)</TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="68%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Interest Payment Dates:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Semi-annually in arrears on September&nbsp;18 and March&nbsp;18 of each year, beginning March&nbsp;18, 2021</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Day Count Fraction / Business Day Convention:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">30/360 (following business day, unadjusted)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Business Days:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">New York City, London and Madrid</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Minimum Denominations / Multiples:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Minimum denominations of U.S.$200,000 and multiples of U.S.$200,000 in excess thereof</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Expected Listing:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">New York Stock Exchange</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Trustee and Principal Paying Agent:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Bank of New York Mellon, London Branch</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Redemption Provisions:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tax Call: All or part at 100% of principal and accrued but unpaid interest</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Listing Call: All but not less than all at 100% of principal and accrued but unpaid
interest</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Eligible Liabilities Event Call: All but not less than all at 100% of
principal and accrued but unpaid interest</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Governing Law:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">New York law, except that certain provisions related to the status and ranking of the Fixed Rate Notes due 2025, the waiver of the right of <FONT STYLE="white-space:nowrap">set-off</FONT> and the agreement by holders with respect to
the exercise and effects of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power shall be governed by and construed in accordance with the common laws of Spain. See &#147;<I>Certain Terms of the Notes&#151;Governing Law</I>&#148; in the
Preliminary Prospectus Supplement.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Submission to Jurisdiction:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Any state or U.S. federal court located in the Borough of Manhattan, the City of New York, New York, except that the Spanish courts have exclusive jurisdiction in respect of a <FONT STYLE="white-space:nowrap">Bail-in</FONT> Dispute.
See &#147;<I>Certain Terms of the Notes&#151;Submission to Jurisdiction</I>&#148; in the Preliminary Prospectus Supplement.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">U.S. Federal Income Tax Considerations:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">See the section of the Prospectus entitled &#147;<I>U.S. Tax Considerations</I>&#148; for a discussion of the material U.S. federal income tax consequences of the ownership and disposition of the Fixed Rate Notes due 2025 to the
U.S. holders described therein.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Spanish Tax Considerations:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Exemption from Spanish withholding tax applies subject to compliance with certain Spanish tax requirements, including the timely provision by
the paying agent of a duly executed and completed Payment Statement.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">If the paying
agent fails to deliver a duly executed and completed Payment Statement on a timely basis, the related payment will be subject to Spanish withholding tax. If this occurs, the Issuer will not pay additional amounts and holders will have to apply
directly to the Spanish tax authorities for any refund to which they may be entitled. See &#147;<I>Certain Terms of the Notes&#151;Maintenance of Tax Procedures</I>&#148; and &#147;<I>Spanish Tax Considerations</I>&#148; in the Preliminary
Prospectus Supplement.</P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="68%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Substitution and Modification and Agreement with Respect Thereto:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an Eligible Liabilities Event occurs and is continuing with respect to the Fixed Rate Notes due 2025, including as a result of any change
in law or regulation or the application or official interpretation thereof, the Issuer may, under certain circumstances and without the consent or approval of the holders or beneficial owners of such Fixed Rate Notes due 2025, substitute all (but
not less than all) of such Fixed Rate Notes due 2025 or modify the terms of all (but not less than all) of such Fixed Rate Notes due 2025, so that such Fixed Rate Notes due 2025 are substituted by, or their terms are modified to, become again, or
remain, Qualifying Securities. See &#147;<I>Certain Terms of the Notes&#151;Substitution and Modification</I>&#148; in the Preliminary Prospectus Supplement.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">By its acquisition of any Fixed Rate Notes due 2025 or any beneficial interest therein, each holder and beneficial owner of any Fixed Rate Notes due 2025,
(i)&nbsp;acknowledges, accepts, consents to and agrees to be bound by the substitution of or modification to the terms of the Fixed Rate Notes due 2025 as set forth above and to grant to the Issuer and the Trustee full power and authority to take
any action and/or to execute and deliver any document in the name and/or on behalf of such holder or beneficial owner, as the case may be, which is necessary or convenient to complete the substitution of or modification to the terms of the Fixed
Rate Notes due 2025, as applicable; and (ii)&nbsp;to the extent permitted by the Trust Indenture Act, waives any and all claims, in law and/or in equity, against the Trustee and/or the Issuer for, agrees not to initiate a suit against the Trustee
and/or the Issuer in respect of, and agrees that neither the Trustee nor the Issuer shall be liable for, any action that the Trustee or the Issuer takes, or abstains from taking, in either case in connection with the substitution of or modification
to the terms of the Fixed Rate Notes due 2025 upon the occurrence of an Eligible Liabilities Event.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Agreement with Respect to Exercise of Spanish <FONT STYLE="white-space:nowrap">Bail-In</FONT> Power:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">By its acquisition of any Fixed Rate Notes due 2025, each holder (including each holder of a beneficial interest in the securities) acknowledges, accepts, consents to and agrees to be bound by (i)&nbsp;the exercise and effects of
the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority and (ii)&nbsp;the variation of the terms of the Fixed Rate Notes due 2025, or the rights of the holders thereunder or under the Indenture,
as deemed necessary by the Relevant Spanish Resolution Authority, to give effect to the exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the Relevant Spanish Resolution Authority. See &#147;<I>Certain Terms of the
Notes&#151;Agreement with Respect to the Exercise of the Spanish <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power</I>&#148; in the Preliminary Prospectus Supplement.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Status and Ranking:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Fixed Rate Notes due 2025 rank (i)&nbsp;junior to any (a)&nbsp;privileged claims (<I>cr&eacute;ditos privilegiados</I>) (which shall include, among other claims, any claims in respect of deposits for the purposes of Additional
Provision 14.1 of Law 11/2015), and (b)&nbsp;claims against the insolvency estate (<I>cr&eacute;ditos contra la masa</I>); (ii) pari passu without any preference or priority among themselves and with all other Senior Preferred Obligations; and
(iii)&nbsp;senior to (a)&nbsp;any Senior <FONT STYLE="white-space:nowrap">Non-Preferred</FONT> Obligations, and (b)&nbsp;all subordinated obligations of, or claims against, the Issuer (<I>cr&eacute;ditos subordinados</I>), present and future, such
that any claim for principal in respect of the Notes will be satisfied, as appropriate, only to the extent that all claims ranking senior to it have first been satisfied in full, and then pro rata with any claims ranking pari passu with it, in each
case as provided herein. See &#147;<I>Certain Terms of the Notes&#151;Ranking</I>&#148; in the Preliminary Prospectus Supplement for material information on the status and ranking of the Fixed Rate Notes due
2025.</TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="68%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Event of Default:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Except as set forth under &#147;<I>Certain Terms of the Notes&#151;Events of Default</I>&#148; in the Preliminary Prospectus Supplement, &#147;Event of Default&#148;, wherever used with respect to the 2025 Fixed Rate Notes, means
that an order shall have been made by any competent court commencing insolvency proceedings (<I>procedimiento</I><I> </I><I>concursal</I>) against the Issuer or an order of any competent court or administrative agency shall have been made or a
resolution shall have been passed by the Issuer for the dissolution or winding up of the Issuer. There are no other Events of Default under the 2025 Fixed Rate Notes.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Additional Selling Restriction:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>People&#146;s Republic of China (&#147;PRC&#148;)</I></B></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No Fixed Rate Notes due 2025 may be offered or sold, directly or indirectly, and neither the prospectus supplement nor any advertisement or other offering
material may be distributed or published, in the PRC, except under circumstances that will result in compliance with any applicable laws and regulations. The prospectus supplement does not constitute an offer to sell or the solicitation of an offer
to buy any securities in the PRC to any person to whom it is unlawful to make the offer or solicitation in the PRC.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investors in the PRC are responsible for obtaining all relevant government regulatory approvals/licenses, verification and/or registrations themselves,
including, but not limited to, those which may be required by the China Securities Regulatory Commission, the State Administration of Foreign Exchange and/or the China Banking Regulatory Commission, and complying with all relevant PRC laws and
regulations, including, but not limited to, all relevant foreign exchange regulations and/or securities investment regulations.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">For information on other selling restrictions, see &#147;<I>Underwriting (Conflicts of Interest)&#151;Selling Restrictions</I>&#148; in the Preliminary
Prospectus Supplement.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Use of Proceeds:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">General corporate purposes</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Joint Bookrunners:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BBVA Securities Inc.***</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BofA Securities, Inc.</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Credit Agricole Securities (USA) Inc.</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Credit Suisse Securities (USA) LLC</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities LLC</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Morgan Stanley&nbsp;&amp; Co. LLC</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Wells Fargo Securities, LLC</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Any ratings obtained will reflect only the views of the respective rating agency and should not be considered a
recommendation to buy, sell or hold the Fixed Rate Notes due 2025. The ratings assigned by the rating agencies are subject to revision or withdrawal at any time by such rating agencies in their sole discretion. Each rating should be evaluated
independently of any other rating. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">**</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Pursuant to Rule <FONT STYLE="white-space:nowrap">15c6-1</FONT> under the Exchange Act, trades in the secondary
market are generally required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Fixed Rate Notes due 2025 prior to the delivery of the Fixed Rate Notes due
2025 will be required to specify alternative settlement arrangements to prevent a failed settlement. Such purchasers should consult their own advisors. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">BBVA Securities Inc., which is participating in this offering as a Joint Bookrunner, is a wholly-owned
subsidiary of BBVA. The offering is being conducted pursuant to FINRA Rule 5121. See &#147;Underwriting (Conflicts of Interest)&#148; in the Preliminary Prospectus Supplement. </P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Issuer has filed a registration statement (including the Prospectus) with the U.S. Securities and
Exchange Commission (SEC) for this offering. Before you invest, you should read the Preliminary Prospectus Supplement and the Prospectus in that registration statement, and other documents the Issuer has filed with the SEC for more complete
information about the Issuer and this offering. You may get these documents for free by searching the SEC online database (EDGAR<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>) at <U>www.sec.gov</U>. Alternatively, you may obtain a copy
of the Prospectus and Preliminary Prospectus Supplement from BBVA Securities Inc. by calling toll free <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-800-422-8692,</FONT></FONT></FONT> BofA
Securities, Inc. by calling toll free <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-800-294-1322,</FONT></FONT></FONT> Credit Agricole Securities (USA) Inc. by calling toll free <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-800-807-6030,</FONT></FONT></FONT> Credit Suisse Securities (USA) LLC by calling toll free <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-800-221-1037,</FONT></FONT></FONT> J.P. Morgan Securities LLC by calling collect
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-212-834-4533,</FONT></FONT></FONT> Morgan Stanley&nbsp;&amp; Co. LLC by calling toll free <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-866-718-1649</FONT></FONT></FONT> or Wells Fargo Securities, LLC by calling toll free
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-800-645-3751.</FONT></FONT></FONT> </P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g13157g0911042007707.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g13157g0911042007707.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  O (H# 2(  A$! Q$!_\0
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M?2%S#+J >,H.-H();Z<$UKR_!OQ3Y9_TFVD_V3,>?SK,\-:M??#CQ:T.I6"
MDA)@RY94/\2&G1IQ@I>SES.Q-:I*;CSQLKGM'Q(_Y)_J_P#UQ->>_ ^>&&XU
M?S94CRJ8WL!GK7?_ !#E2?X<ZI+&VY'M]RD=P>17A'A/P?JGBQ[E=-FCC\@
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..JJLN:UC*C2=./+>Y_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
