First Spanish RMBS under the new European framework of securitisation

On 25th of November of 2019, we did incorporate the nineteenth fund comprising loans granted by real estate mortgage by BBVA. This deal emerges as the first RMBS deal under the new European framework of securitisation (R. 2017/2402), being moreover, the first Spanish RMBS compliance with the new prospectus structure as stated in the Regulation (UE) 2017/1129 of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC.

The fund structure has an only Bonds Series, issued for 1,800 million euros, and a loan granted by BBVA to the fund, total amount of 200 million euros, both exclusively destined to buy the face value of the sold loans. Likewise, a Cash Reserve by an amount of 100 million euros, gives support to the rating of the Bonds Series by DBRS (AA) and Moody´s (Aa1).

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