Business Context and Reporting Period
Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A. (BBVA)
Filing Type: Form 6-K (Report of Foreign Issuer)
Date: April 1, 2025
Context: Notification of an irrevocable decision to early redeem a specific issuance of Senior Preferred Notes, following prior consent from the European Central Bank.
Key Financial Metrics
The filing does not provide general financial performance metrics such as revenue, profit, cash flow, margins, or overall liquidity. The document focuses exclusively on a specific debt instrument transaction.
| Instrument | Details |
|---|---|
| Senior Preferred Notes | EUR 1,000,000,000 total issuance (ISIN: XS2620201421) |
| Original Issue Date | May 10, 2023 |
| Redemption Date | May 10, 2025 (Optional Redemption Date) |
| Payment Date | May 12, 2025 |
| Redemption Amount per Note | EUR 100,000 plus accrued interest |
| Accrued Interest per Note | EUR 4,125 (calculated up to but excluding May 10, 2025) |
Material Changes
There are no comparative financial period changes reported in this filing. The material event is the scheduled reduction of the bank's preferred debt obligations through the full redemption of the EUR 1 billion Senior Preferred Notes.
Guidance, Outlook, and Risks
- Management Action: BBVA has made an irrevocable decision to redeem the notes early.
- Regulatory Status: The European Central Bank has granted prior consent for this redemption.
- Unusual Items: None reported beyond the scheduled debt redemption.
- Outlook: The filing does not contain forward-looking guidance on earnings or strategic direction.
Investor Verification Checklist
- Confirm the receipt of redemption payments on May 12, 2025.
- Verify the total cash outflow impact of approximately EUR 1.041 billion (principal plus accrued interest).
- Review the impact of this redemption on BBVA's overall capital structure and Tier 1 capital ratios in subsequent filings.
- Check for any changes in the bank's cost of funding following the removal of this specific debt instrument.