BBVA announces EUR 1 billion contingent convertible debt offering

• BBVA to issue EUR 1 billion of preferred securities contingently convertible into newly issued ordinary shares.
• Discretionary distributions accrue at 6.5% annually from November 18, 2026, to, but excluding, May 18, 2034.
• The distribution rate then resets at 333.4 basis points over the five-year Mid-Swap Rate.
• Closing is expected November 18, 2026; fully paid-up securities are expected to qualify as Additional Tier 1 capital.

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