BBVA incorporates its twelfth securitisation fund for consumer loans

On 13 March 2023 a new consumer loan securitisation fund, BBVA Consumo 12 FT, was incorporated, representing the twelfth fund of BBVA for this type of asset.

The Fund’s capital structure consists of two single Series of Bonds, for a total issued amount of €3,000m, and a Reserve Fund of €150m. This amount makes BBVA Consumo 12 FT the fund with the largest volume of issuance of this type of assets carried out by BBVA, as the originator. The capital structure maximised the amount of Series A (€2,850m), reaching 95% of the total issued by the Fund, the main objective of the originator, as this is an operation retained for discounting at the ECB.

Undoubtedly, taking into account that this Series has a credit enhancement of 10%, this is a clear success in the search for maximising the senior tranche for discount at the ECB. The bonds have been rated by Moody’s and Fitch.

Europea de Titulización, S.A., S.G.F.T.

March 2023

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