BBVA incorporates its thirteen securitisation fund for consumer loans

On 11 March 2024 a new consumer loan securitisation fund, BBVA Consumo 13 FT, was incorporated, representing the thirteenth fund of BBVA for this type of asset. This issue is the first public securitisation transaction in the Spanish market in 2024.

The Fund’s capital structure consists of two single Series of Bonds, for a total issued amount of €2,000m, and a Reserve Fund of €100m. The capital structure maximised the amount of Series A (€1,900m), 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 2024

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