Davis Polk advised Banco Bilbao Vizcaya Argentaria, S.A. and BBVA U.S. Senior, S.A. Unipersonal as underwriters on the SEC-registered offering by BBVA U.S. Senior, S.A. Unipersonal of $2 billion principal amount of 4.664% senior notes due 2015, guaranteed by Banco Bilbao Vizcaya Argentaria, S.A. The notes will be listed on the New York Stock Exchange.

BBVA is a highly diversified financial group, with strengths in the traditional banking businesses of retail banking, asset management, private banking and wholesale banking. Based in Spain and operating in over 30 countries, BBVA has substantial banking interests in Latin America, the United States, Europe and Asia. It had consolidated assets of €622 billion at June 30, 2012.

The Davis Polk corporate team included partner Michael J. Willisch and associates Ester del Valle Izquierdo, David J. Zelkind and Lucia Goy. Partner John D. Paton and associate Yuliya Epifantseva provided tax advice. Members of the Davis Polk team are based in the Madrid, London and New York offices.

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