Banco Sabadell goes to market with its second consumer loans securitisation

On 8 July 2022 the CNMV registered Sabadell Consumo 2 FT and, on the same day, the deed of incorporation followed through the issuance procedure. This is Banco Sabadell’s second consumer loan fund in which the bank has sought to replicate the success of Sabadell Consumo 1 FT issued in 2019, a fund that marked an important milestone in the Spanish and European securitisation market, as recognised by IFR (International Financing Review), which awarded it the prize for the best Structured Finance Issue in Europe, the Middle East and Africa that year.

Sabadell Consumo 2 FT is structured in 8 series of bonds sized in the most efficient way in order to make it attractive to investors in a very complex macroeconomic environment. Precisely to alleviate the difficulty in the placement of the bonds, Banco Sabadell and Deutsche Bank have counted on the collaboration of Société Générale to broaden the investor base, thus achieving the initial objective of releasing capital and obtaining liquidity.

The rating agencies, DBRS, which repeated the rating for Sabadell Consumer 1 FT, and FitchRatings, which for the first time rated a consumer deal of Banco Sabadell, awarded the highest credit rating to the most senior tranche (Class A) and, in the case of FitchRatings, also assigned AAA to Class B, giving an idea of the robustness of the final financial structure.

We would also like to highlight the outstanding work of all the other parties involved in the origination of the fund without whom a market deal could not have been carried out in such an extraordinary situation as the current one, J.P. Morgan, Garrigues, Linklaters, E&Y, PCS, Reed Smith, EDWH, Norton Rose, without forgetting our regulator, CNMV, which at all times was aware of the extremely volatile market situation and knew how to interpret the timing of the placement.

Europea de Titulización

July 2022

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