Business Context and Reporting Period
This Form 6-K filing by Banco Bilbao Vizcaya Argentaria, S.A. covers the month of September 2026, with the report dated September 3, 2026. The filing serves as a report of a foreign private issuer pursuant to Rule 13a-16 under the Securities Exchange Act of 1934. The primary purpose of this filing is to disclose the issuance and sale of new senior non-preferred notes.
Key Financial Metrics and Debt Issuance
The filing details a significant debt issuance totaling U.S.$2.3 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 4.977%.
- 2031 Fixed Rate Notes: U.S.$1,000,000,000 at a fixed rate of 5.244%.
- 2029 Floating Rate Notes: U.S.$300,000,000 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 securities.
Material Changes
The material change reported is the expansion of the company's debt capital structure through the issuance of the Notes described above. The filing incorporates these documents by reference into the Registration Statement on Form F-3 (No. 333-289121). No comparative financial performance data versus prior periods is included in this specific filing.
Guidance, Outlook, and Risks
The filing does not contain management commentary, financial guidance, or an outlook for future earnings. It does not explicitly list risk factors or contingencies within the body text, though the issuance of fixed and floating rate debt implies exposure to interest rate fluctuations. The filing includes legal opinions from Davis Polk & Wardwell LLP (U.S. counsel) and J&A Garrigues, S.L.P. (Spanish counsel) regarding the legality of the Notes.
Investor Verification Checklist
- Verify the pricing agreement dated August 25, 2026 (Exhibit 1.1).
- Review the Supplemental Indentures (Exhibits 4.6, 4.7, and 4.8) for covenants and repayment terms.
- Confirm the incorporation of these notes into the active Form F-3 Registration Statement (No. 333-289121).
- Check the legal opinions (Exhibits 5.1 and 5.2) for any conditions precedent to the validity of the issuance.