BBVA successfully placed its third fund of the BBVA Consumer Auto program

On Thursday, June 9, the sixth fund of loans granted by BBVA to individuals for the purchase of automobiles was registered with the CNMV. The transaction, whose capital structure consists of seven tranches of bonds, six of them collateralized to finance the acquisition of the credit rights derived from the auto loans and the most junior tranche to finance the reserve fund (Series Z). The total issued amount is €1,205.50mm.

After the positive experience with BBVA Consumer Auto 2020-1 FT, a transaction that opened up an ABS market that had been totally closed down due to the pandemic, BBVA faced the Consumer Auto 2022-1 project with the intention of repeating the success and thus achieving the dual objective of attracting financing and achieving risk transfer. The market situation was once again very complex, mainly due to the high volatility and uncertainty currently being experienced in markets around the world. But the good work of the teams involved (BBVA, CA-CIB, Garrigues, Linklaters and EdT) and the market’s confidence in the BBVA Consumer Auto programme made it possible to achieve the objectives set at the beginning.

On this occasion, FitchRatings and Moody’s analysed the rating agencies, obtaining the “AA” and “Aa” categories respectively for the senior series and reaching the “Investment Grade” category from Fitch to the E Series (the most junior of the 5 rated bond series).

As a result, and especially given the current adverse market conditions, BBVA has once again demonstrated its expertise in the securitisation sector, as well as the confidence it enjoys among investors.

Europea de Titulización

June 2022

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