Balance Sheet at 31 December 2010 of BBVA

8.2. DEBT SECURITIES
The breakdown of the balance of this heading in the balance sheets as of December 31, 2010 and 2009 is
as follows:
Millions of Euros
Debt Securities Held-for-Trading
Breakdown by type of issuer
2010 2009
Issued by Central Banks 165 -
Spanish government bonds 7,953 13,463
Foreign government bonds 1,829 5,863
Issued by Spanish financial institutions 722 430
Issued by foreign financial institutions 369 742
Other debt securities 1,978 2,335
Total 13,016 22,833
The debt securities included under Financial Assets Held for Trading earned average annual interest of
1.874% in 2010 (2.289% in 2009).
8.3. EQUITY INSTRUMENTS
The breakdown of the balance of this heading in the balance sheets as of December 31, 2010 and 2009 is
as follows:
Millions of Euros
Equity Instruments Held-for-Trading
Breakdown by Issuer
2010 2009
Shares of Spanish companies
Credit institutions 304 666
Other sectors 2,470 2,319
Subtotal 2,774 2,985
Shares of foreign companies
Credit institutions 239 165
Other sectors 1,089 1,321
Subtotal 1,328 1,486
Shares in the net assets of mutual funds 506 525
Total 4,608 4,996
8.4. TRADING DERIVATIVES
The trading derivatives portfolio arises from the Bank’s need to manage the risks incurred by it in the course
of its normal business activity, mostly for the positions held with customers. As of December 31, 2010 and
2009, trading derivatives were principally contracted in non-organized markets, with non-resident credit
entities as the main counterparties, and related to foreign exchange and interest rate risk and shares.
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