Balance Sheet at 31 December 2010 of BBVA

20.4.2. BONDS AND DEBENTURES ISSUED
The breakdown of the balance under this heading “Bonds and debentures issued”, by financial instrument
and currency, is as follows:
Millions of Euros
Bonds and debentures issued 2010 2009
In euros - 42,493 41,173
Non-convertible bonds and debentures at floating interest rates 1,402 1,291
Non-convertible bonds and debentures at fixed interest rates 1,147 2,485
Covered bonds 39,223 34,904
Accrued interest and others (*) 721 2,493
In foreign currency - 663 641
Covered bonds 949 878
Accrued interest and others (*) (286) (237)
Total 43,156 41,814
(*) Hedging operations and issuance costs.
The “Nonconvertible bonds and debentures at floating rate” account, as of December 31, 2010, includes
mainly the following:
• Issue of €1,000 million, launched in June 2007 and maturing in June 2011, which bears variable
quarterly interest on the face value of the bonds equal to three-month EURIBOR plus 5 basis points.
• Issue of €245 million, launched in June 2009, set in five stages and maturing in June 2022, which
bears variable quarterly interest on the face value of the bonds equal to three-month EURIBOR plus
120 basis points.
The “Nonconvertible bonds and debentures at fixed rate” account, as of December 31, 2010, includes mainly
the following:
• Issue in October 2006 of €1,000 million which bear an annual 3.75% fixed interest on the face value
of the bonds until final redemption in October 2011.
• Several issues, the last of which has final redemption in 2023.
The Covered Bonds account includes several issues, the last of which has final redemption in 2037.
The valuation adjustments include mostly adjustments for accrued interest, micro hedging transactions and
issuance fees.
The accrued interest of the debt certificates (including bonds) amounted to €1,733 million in 2010 and
€1,988 million in 2009 (Note 34).
20.4.3. SUBORDINATED LIABILITIES
The breakdown of the balance of the heading “Subordinated liabilities” in the accompanying balance sheets,
by the nature of the transactions, was as follows:
Millions of Euros
Subordinated Liabilities 2010 2009
Subordinated debt 3,541 4,291
Subordinated deposits 9,117 9,767
Subtotal 12,658 14,058
Valuation adjustments (*) 441 423
Total 13,099 14,481
(*) The valuation adjustments mainly relate to interest accrual, and to valuation
adjustments from hedging derivatives.
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