Banco Bilbao Vizcaya Argentaria S.A. Covered Bonds (Cédulas Hipotecarias - Mortgages)

Banco Bilbao Vizcaya Argentaria S.A. Covered Bonds (Cédulas Hipotecarias - Mortgages) (CH, Spanish Covered Bonds) are issued under the Spanish Covered Bond (CB) Law. The issuer is required to pay interest and principal on the CBs. In case of issuer default or resolution of the issuer, the assets in the cover pool will be available to repay principal and interest of the CBs, if needed.