BBVA Form 6-K Summary (Nov 2025)

BBVA announced the issuance of €1,000,000,000 in preferred securities contingently convertible into ordinary shares.

Key Investor Points:

• Purpose: Expected to qualify as Additional Tier 1 Capital under solvency regulations.
• Coupon: Fixed rate of 5.625% annually until November 2032.
• Post-2032 Rate: Resets based on the 5-year Mid-Swap Rate + 324.6 bps.
• Listing: BBVA plans to list the securities on the Euronext Dublin Global Exchange Market.
• Note: The offering is not directed toward retail investors and faces restriction