BBVA incorporates its third leasing Securitisation fund

On 23 November 2023, BBVA LEASING 3 FT was filed with the CNMV, the fund is backed by Credit Rights derived from Financial Leasing Contracts (Leasing) granted by BBVA to legal entities or individual entrepreneurs domiciled in Spain.

The Fund stands as the third FT originated by BBVA of this type of assets and the first public securitisation deal of leasing contracts carried out in 2023 in the Spanish market.

The fund’s liabilities consist of two Series of Bonds for a total issued amount of EUR 2,400 million and a Reserve fund of EUR 120 million. Both series are fixed rate.

The credit enhancement for Series A is 19%, improving the capital structure of its predecessor BBVA LEASING 2 FT, which stood at 22%.

Our appreciation goes to BBVA as originator, Deloitte, Garrigues, EDWH, DBRS and Moody’s for making it possible to successfully register and incorporate the fund within the envisaged timetable.

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

November 2023

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