BBVA successfully placed amongst investors its fourth FT of the BBVA Consumer Auto programme

On June 5, BBVA and EdT executed the Deed of Incorporation of BBVA Consumer Auto 2023-1 FT, the seventh securitisation fund for loans granted by BBVA to individuals for the acquisition of vehicles. The Fund is structured in 6 tranches of bonds, 5 of them collateralised to finance the acquisition of the credit rights derived from the loans and one uncollateralised tranche to endow the reserve fund (Class Z). The total issue amount is EUR 804.00 million.

Based on the positive experiences of previous issues and being aware of investors’ confidence in this family of funds, BBVA’s objective was to close the FT in June 2023, just before the Global ABS, which this year would take place on 13, 14 and 15 June in Barcelona. Thus, from that moment on, the most suitable timetable was set: registering the prospectus with the CNMV on 1 June and the disbursement the bonds on the following Thursday, 8 June.

All milestones were met in an orderly manner due to the excellent work of all the teams involved, BBVA, BofA, Garrigues, Linklaters, Clifford Chance, Deloitte, PCS, EDW and EdT; in this way, BBVA was able to repeat the success of previous issues, achieving the dual objective of raising finance and transferring risk.

FitchRatings and Moody’s repeated as the rating agencies that awarded ratings to the bonds, assigning very similar levels or even better in some tranches than in previous Consumer Auto deals.

Europea de Titulización

June 2023

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