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- Spanish Bail-in Power (new) — The notes are explicitly subject to Spanish bail-in powers, allowing regulators to write down or convert them without noteholder consent.
- No Event of Default On Non-payment (new) — Failure to pay interest or principal, or entering resolution, does not constitute an event of default, severely limiting noteholder enforcement rights.
- Issuer Substitution Without Consent (new) — The issuer can be replaced by another company without noteholder consent, shifting credit risk to an unknown entity.
BBVA offers three series of senior non-preferred notes, terms not yet set
Filed August 25, 2026 · ~2 min read
Key Changes
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BBVA is offering three series of senior non-preferred notes: two fixed-rate (one due 2029, one with unspecified maturity) and one floating-rate due 2029. Aggregate principal amounts and coupons are blank pending pricing.
The Offering verify on EDGAR → -
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The floating-rate notes pay Compounded SOFR plus a margin (to be determined), with a 0.000% floor. Fixed-rate notes pay a fixed coupon, also to be determined.
The Offering verify on EDGAR → -
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Notes are direct, unconditional, unsubordinated and unsecured obligations of BBVA, but rank junior to privileged claims, claims against the insolvency estate, and senior preferred obligations in insolvency.
Risk Factors verify on EDGAR →
3 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 1, 2026 · How we verify