Davis Polk advised Banco Bilbao Vizcaya Argentaria, S.A. and BBVA U.S. Senior, S.A. Unipersonal on the SEC-registered $1.6 billion aggregate principal amount debt offering by BBVA U.S. Senior, S.A. Unipersonal, fully guaranteed by Banco Bilbao Vizcaya Argentaria, S.A. The offering consisted of $1 billion principal amount of 3.25% senior notes due 2014 and $600 million principal amount of floating-rate senior notes due 2014. 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 32 countries, BBVA has substantial banking interests in Latin America, the United States, Europe and Asia. It had consolidated assets of €562 billion at March 31, 2011.

The Davis Polk corporate team included partners Michael J. Willisch and Andrés V. Gil of the Madrid and Paris office, respectively, and associates Radoslaw Michalak and Leo Borchardt of the London office. Partner John D. Paton and associate Alon Gurfinkel of the London office provided tax advice.