Offering Circular

Banco Bilbao Vizcaya Argentaria SA
18 September 2006

Publication of Offering Circular

The following Offering Circular has been approved by the UK Listing Authority
and is available for viewing:


                BBVA  International Preferred, S.A. Unipersonal

 Series B Euro 500,000,000 Step-Up Fixed/Floating Rate Non-Cumulative Perpetual
              guaranteed by Banco Bilbao Vizcaya Argentaria, S.A.


To view the full document, please paste the following URL into the address bar
of your browser.

http://www.rns-pdf.londonstockexchange.com/rns/1281j_-2006-9-18.pdf


For further information, please contact

Cristina Cortadi Fernandez
BBVA
Paseo Castellana, 81 - Planta 18
28046 MADRID
Phone number: 34 91 5378 1 95
e-mail address: [e-mail]


DISCLAIMER - INTENDED ADDRESSEES

Please note that the information contained in the Prospectus may be addressed to
and/or targeted at persons who are residents of particular countries (specified
in the Prospectus) only and is not intended for use and should not be relied
upon by any person outside these countries and/or to whom the offer contained in
the Prospectus is not addressed. Prior to relying on the information contained
in the Prospectus you must ascertain from the Prospectus whether or not you are
part of the intended addressees of the information contained therein.

Your right to access this service is conditional upon complying with the above
requirement.


                      This information is provided by RNS
            The company news service from the London Stock Exchange