Business Context and Reporting Period
This Form 6-K filing by Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) was submitted on January 14, 2025. The report relates to the issuance and sale of $1,000,000,000 aggregate liquidation preference of its Series 14 Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 Securities. The filing incorporates by reference into the Registration Statement on Form F-3 (No. 333-266391) and the related prospectus supplement filed on January 8, 2025.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on the capital raise transaction details.
- Transaction Size: $1,000,000,000 aggregate liquidation preference.
- Security Type: Series 14 Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 Securities.
- Trustee: The Bank of New York Mellon (London Branch).
Material Changes
The filing does not contain comparative financial data or material changes in operating performance versus prior periods. The primary material event is the execution of the Fourth Supplemental Indenture dated January 14, 2025, and the Pricing Agreement dated January 7, 2025, facilitating the issuance of the new Tier 1 securities.
Guidance, Outlook, and Risks
The filing text does not include management commentary, financial guidance, or specific risk factors beyond the inherent nature of the securities described. The securities are identified as "Contingent Convertible," implying conversion or write-down triggers under specific conditions, though the specific thresholds are detailed in the incorporated exhibits rather than the summary text.
Investor Verification Checklist
- Verify the specific conversion triggers and write-down conditions for the Series 14 Contingent Convertible Preferred Securities in the Fourth Supplemental Indenture (Exhibit 4.18).
- Confirm the dividend rate and payment terms for the Non-Cumulative Preferred Securities.
- Review the Pricing Agreement (Exhibit 1.1) for the final pricing terms and underwriting details.
- Examine the legal opinions (Exhibits 5.1 and 5.2) regarding the legality of the securities under U.S. and Spanish law.
- Check the incorporated Prospectus Supplement filed on January 8, 2025, for detailed use of proceeds and risk disclosures.