BBVA offers series 12 CoCo perpetual tier 1 securities

Chicago, Sept. 11 – Banco Bilbao Vizcaya Argentaria SA is marketing series 12 non-step-up non-cumulative contingent convertible perpetual preferred tier 1 securities, according to a 424B5 filing with the Securities and Exchange Commission on Monday morning.

The initial distribution rate will be fixed from the closing date to the first reset date in 2029. Starting in 2029, the distribution rate will be based on the five-year U.S. Treasury and a margin.

There will be a par call period starting a certain amount of time before the first reset date, and the notes are callable on any distribution payment date thereafter.

Barclays, BBVA Securities Inc., BofA Securities, Inc., HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC and SG Americas Securities LLC are the bookrunners.

Bank of New York Mellon, London Branch will be the trustee.

BBVA is using J&A Garrigues SLP and Davis Polk & Wardwell LLP for legal matters. The underwriters are using Sidley Austin LLP and Linklaters, SLP.

Proceeds will be used for general corporate purposes.

The multinational financial services group is based in Madrid.

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