Banco Bilbao Vizcaya Argentaria, S.A.’s $1 Billion SEC-Registered Preferred Securities Offering

Davis Polk advised Banco Bilbao Vizcaya Argentaria, S.A. on its SEC-registered offering of $1 billion liquidation preference of series 9 non-step-up non-cumulative contingent convertible perpetual preferred tier 1 securities.

The preferred securities will be listed on the Global Exchange Market of Euronext Dublin.

The BBVA Group is a highly diversified international financial group, with strengths in the traditional banking businesses of retail banking, asset management and wholesale banking. The BBVA Group operates in Spain, Mexico, Turkey, the United States and over 30 other countries, mainly in Europe, Latin America and Asia.

The Davis Polk corporate team included partner Michael J. Willisch (Picture), counsel Ester del Valle Izquierdo and associates Thomas K. Wiesner II, Joshua S. Sills and Francisco J. Cespedosa. Counsel Alon Gurfinkel and associate Omer Harel provided tax advice.

Involved fees earner: Francisco Cespedosa – Davis Polk & Wardwell; Ester del Valle Izquierdo – Davis Polk & Wardwell; Alon Gurfinkel – Davis Polk & Wardwell; Omer Harel – Davis Polk & Wardwell; Joshua Sills – Davis Polk & Wardwell; Thomas Wiesner – Davis Polk & Wardwell; Michael Willisch – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Banco Bilbao Vizcaya Argentaria (Bbva);