Business Context and Reporting Period
This Form 6-K filing by Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) covers the month of April 2026, with the report dated April 30, 2026. The filing serves as a notification of "Other Relevant Information" regarding a new capital issuance rather than a standard periodic financial report.
Key Financial Metrics
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, margins, or liquidity ratios. The primary financial data disclosed relates to a specific capital transaction:
- Issuance Amount: $1,000,000,000 (USD) nominal amount.
- Instrument Type: Preferred securities contingently convertible into ordinary shares (AT1 Capital).
- Initial Distribution Rate: 7.125% per annum (fixed from May 8, 2026, to May 8, 2033).
- Reset Mechanism: Post-2033, the rate resets based on the 5-year UST plus a margin of 298.5 basis points.
Material Changes
The filing announces a material change in BBVA's capital structure through the agreed issuance of $1 billion in Additional Tier 1 (AT1) capital. This issuance is designed to qualify as regulatory capital under applicable solvency regulations. The securities will be listed on the New York Stock Exchange (NYSE) and exclude pre-emptive subscription rights for existing shareholders.
Guidance, Outlook, and Risks
Management Commentary and Outlook:
- The issuance is expected to close on May 8, 2026.
- Distributions are discretionary and subject to certain conditions.
- Required director and independent expert reports will be published on BBVA's website upon closing.
- Investor Restrictions: The offering is not directed toward retail investors.
- Geographic Restrictions: Distribution is restricted in the UK, Spain, Singapore, Hong Kong, Canada, Switzerland, and the EEA unless compliant with local laws.
- Regulatory Status: This document is not a prospectus; investors must refer to the registration statement filed with the SEC for complete risk disclosures.
Investor Verification Checklist
- Verify the final closing date of the issuance (expected May 8, 2026).
- Review the full prospectus and prospectus supplement filed with the SEC for detailed terms and risk factors.
- Confirm the availability of the director's report and independent expert report on BBVA's website post-closing.
- Check for any updates regarding the listing status on the NYSE.