Business Context and Reporting Period
This Form 6-K filing by Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) covers the month of March 2026, with the report dated March 3, 2026. The filing serves as a report of a foreign issuer pursuant to Rule 13a-16 under the Securities Exchange Act of 1934. The primary purpose of this document is to disclose the issuance and sale of senior non-preferred notes.
Key Financial Metrics and Capital Structure
The filing details a significant debt issuance totaling U.S.$2.5 billion in aggregate principal amount. The specific instruments issued are:
- 2029 Fixed Rate Notes: U.S.$1,000,000,000 at a fixed rate of 4.150%.
- 2036 Fixed Rate Notes: U.S.$1,000,000,000 at a fixed rate of 5.127%.
- 2029 Floating Rate Notes: U.S.$500,000,000 with a floating rate.
The filing text does not provide clear values for revenue, profit, cash flow, operating margins, or existing liquidity positions. This document focuses exclusively on the terms of the new debt issuance.
Material Changes and Unusual Items
The material event reported is the execution of three supplemental indentures dated March 3, 2026, with The Bank of New York Mellon acting as Trustee. These indentures formalize the issuance of the Notes described above. The Notes are incorporated by reference into the Registration Statement on Form F-3 (No. 333-289121) and the related prospectus supplement filed on February 23, 2026.
Guidance, Outlook, and Risks
The filing does not contain management commentary, financial guidance, or an outlook for future performance. It does not explicitly list risk factors or contingencies beyond the standard legal opinions regarding the legality of the Notes provided by Davis Polk & Wardwell LLP (U.S. counsel) and J&A Garrigues, S.L.P. (Spanish counsel).
Investor Verification Checklist
- Verify the final pricing and yield of the floating rate notes, as the specific rate formula is not detailed in this summary text.
- Review the full Prospectus Supplement filed on February 23, 2026, for detailed use of proceeds and risk factors.
- Confirm the impact of the new U.S.$2.5 billion debt on the bank's overall leverage ratios and liquidity coverage.
- Check the terms of the supplemental indentures (Exhibits 4.6, 4.7, and 4.8) for covenants and redemption rights.