BBVA Multiple Opportunity Plan 21


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For investment profiles Conservatives who want to benefit from the revaluation of the stock market and have a retirement close to 2021.

It is a Guaranteed Variable Income plan, that is, it offers a return linked to the evolution of variable income assets and, in addition, it has a guarantee offered by BBVA.

Aimed at people with a low risk profile who are interested in having their capital guaranteed at the term of the investment. This plan offers a return linked to the evolution of a selection of Spanish equities in the period, as well as guaranteeing the capital at maturity. 


  • characteristics
  • Profitability and associated risks
  • Other data of interest
  • Did you know?
  • What is the risk profile of this plan?
  • The risk level of this plan is 2, that is, it has a low risk profile.

Revalorización Europa 25 :: riesgo


How long is the contract term?

Until January 9, 2015.


Expiration of the guarantee

October 29, 2021



About patrimony:

  • Deposit commission (i) : 0% up to 15/01/2015 included and 0.05% from 1/16/2015 included.
  • Management fee (i) : 0% until 15/01/2015 included and 0.80% from 1/16/2015 included.

About the amount subscribed or reimbursed :

  • No subscription or refund fees.


What is your minimum investment?

This plan does not have a minimum amount of initial or extraordinary contribution.


How does this plan invest?

In order to obtain the guaranteed return objective, it will be invested in a Fixed Income portfolio and derivative financial instruments. The Fixed Income portfolio is composed of public and private debt of OECD countries (i) , issued in euros and with an average duration of the portfolio equal or similar to the maturity of the guarantee. These assets will have a credit quality (i) equal to or greater than the average quality (minimum BBB-) or, if lower, the Rating of the Kingdom of Spain.


(i) Glossary

OECD : Organization for Economic Cooperation and Development. It is made up of 34 countries and its objective is to coordinate its economic and social policies.

Credit quality (rating) : valuation of a company or issuance of an asset that allows knowing the capacity of the company to pay its obligations in the future. It is based on a scale that ranges from maximum credit quality (AAA) to BBB- (intermediate) to minimum credit quality (CCC). The lower the credit quality, a higher interest rate is required to compensate the risk assumed by the investor.

Deposit Commission : percentage that is charged on the patrimony of the plan by the administration and custody of the assets.

Management fee : percentage that is charged on the assets of the plan for the management of the assets.


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At BBVA, we ensure clarity and transparency in the information we offer you. We are committed to provide plain and easy to understand explanations about the characteristics of the product, in particular, the interest rate, commissions and costs of the operation you want to perform.

  • What profitability does the plan offer?

    BBVA guarantees that the participant will recover within 6 years and 9 months (October 29, 2021) the capital contributed on January 15, 2015, plus a variable return linked to the evolution of 3 shares (Telefónica, Santander and Repsol ).
    Said profitability will consist of an additional 2.25% for each time that, on the established observation date, the Final Value of the 3 shares is equal to or greater than its Initial Value.

  • Initial Value for each action: maximum closing price between January 20 and February 20, 2015.
  • Final Value for each action: arithmetic average of the closing prices of the last 5 business days of the month of September of the years 2015 to 2021.
  • The minimum guaranteed APR at maturity is 0% and the maximum is 2.18%.

    If the participant collects the benefit or transfers the plan before the expiration, the guarantee has no effect. In this case, the valuation of the plan will be that of the assets in which it invests its assets.


    How is the profitability of the plan calculated?

    As an example we present the profitability that could be obtained with this plan in the following scenario:


    Final Value of the shares equal to or greater than Initial Value

      2015 2016 2017 2018 2019 2020 2021 Expiration
    Santander 35x25 Tic 35x25 Tic 26x25Cruz:: META 35x25 Tic 26x25Cruz:: META 35x25 Tic 35x25 Tic  
    Repsol 35x25 Tic 35x25 Tic 35x25 Tic 35x25 Tic 26x25Cruz:: META 35x25 Tic 35x25 Tic  
    Telephone 26x25Cruz:: META 35x25 Tic 35x25 Tic 35x25 Tic 35x25 Tic 35x25 Tic 35x25 Tic  
    Meets condition DO NOT YES DO NOT YES DO NOT YES YES  
    Cost effectiveness 0.00% 2.25% 0.00% 2.25% 0.00% 2.25% 2.25% 9.00%
    APR at expiration               1.28%

    The content of the example is merely illustrative and does not represent a simulation or a forecast of future behavior.


    Associated risks (i)

    Pension plans are savings products for retirement, so it is especially important to know the level of risk assumed. Each plan, depending on its specific characteristics and the assets in which it invests, will imply a greater or lesser level of risk. The risks of BBVA Plan Oportunidad Múltiple 21, PPI, which invests in fixed income and derivative assets, are the following:

  • If the investment is maintained until the expiration date, the participant has the guarantee offered by BBVA. However, the main associated risks that could affect the value of the investment would be:
  • Credit: in case of deterioration of the credit quality of the assets in which it is invested.
  • Of geographical concentration.
  • Investment in derivatives.
  • In case of redemption or total or partial transfer of the plan before the expiration of the guarantee, the main risks that would affect the net asset value at the time of the redemption / transfer, in addition to those stated in the previous section, would be:
  • Market: especially because of the variation in interest rates.
  • Of liquidity.

    (i) Glossary

    Associated risks:

  • Credit: risk that the issuer of an asset does not meet its payment obligations on the established date.
  • Geographical / sectoral concentration: if there is a significant percentage of the plan’s investments in the same country / geography / economic activity sector, a change in the economic / political / particular conditions of this area or sector may cause a variation in the price of plan assets.
  • Investment in derivatives: financial derivatives are instruments that are based on the price of another asset (called underlying). They can be used to cover the risk of the price of an asset or to capitalize on its variation. The investment carries the risk that the coverage is not perfect, since it allows to have an exposure to the underlying greater than the amount invested (called leverage). There is also risk of default in the payment of one of the parties involved in the transaction.
  • Market: the variation in the prices of the assets in which the plan invests (variable income, interest rates, currencies, etc.) can negatively affect its profitability.
  • Interest rate: variation that can suffer the price of an asset due to variations in the interest rate. There is an inverse relationship between interest rates and the price of fixed income assets (when interest rates rise, the price of the asset falls and vice versa).
  • Of liquidity: together with the investment in assets of low capitalization and / or in markets of little volume, which can negatively influence the purchase / sale price of an asset.
  • Periodic contributions:

    You can make periodic contributions with a minimum investment of :

  • € 30 for monthly contributions.
  • € 90 for quarterly contributions.
  • € 180 for half-yearly contributions.
  • € 360 for annual contributions.

    Pension fund to which it is assigned:



    Managing entity:

    BBVA Pensiones, SA, EGFP.

    Depositary entity:

    Banco Bilbao Vizcaya Argentaria, SA

  • You can obtain tax benefits by making contributions to a Pension Plan. The contributions are the amounts of money that are entered in the Plan and will reduce the general part of the Personal Income Tax Base, with the annual limits established by the legislation in each territory.
  • It is important to know that you can only have the money invested in a Pension Plan, by charging a benefit , in the following situations: retirement, disability, severe dependence or great dependence, and death . In addition there are other exceptional cases in which you can recover the money invested before the deadline : unemployment, serious illness or seizure of the habitual residence . The terms stipulated in the legislation in force and in the regulations of the plan shall apply.
  • The payment of the benefit can be in the form of capital (that is, through a single payment), in the form of periodic income (for example monthly), through a mixed benefit (combining a periodic income with a single payment) or in the form of a payments without regular periodicity .
  • The benefits are taxed in the IRPF as income from work , in the terms and with the limitations of the applicable regulations. If you also receive the benefit in the form of capital, you will be free of 40% of the tax burden in the cases contemplated by law, during a single fiscal year for all your plans. Before choosing the method of payment, you should consult the applicable regulation at the time.