BBVA inaugurates the Spanish securitisation market 2024 by placing its fourteenth consumer loans securitisation fund.

On May 10th BBVA and Société Générale, as Arranger, priced the bonds issued by BBVA Consumer 2024-1 FT just four days after the public announcement, confirming investor appetite for this type of asset and for BBVA’s paper as reflected in the widespread oversubscription of its bond classes, which in some cases reached up to nine times.

BBVA has been a recurrent issuer of consumer loans, but never before had it securitised this type of asset to be placed among investors. BBVA is making this decision based on the success of its Consumer Auto loans programme and the window of opportunity detected in the market. To this end, it abandoned the traditional two-tranche structure of the previous consumer loan transactions and adopted the 6-7 tranche capital stack of the Consumer Auto loans programme, which is so well received by investors.

The deal is structured in 6 tranches, 5 of which are collateralised to finance the acquisition of the credit rights arising from the assignment of the loans and one uncollateralised tranche to fund the liquidity reserve (Class Z). The total issuance amount is EUR 807.1 million.

It is worth highlighting the excellent work and coordination of the teams involved in the transaction: Garrigues, Linklaters, Deloitte, PCS, EDW, FitchRatings and Moody’s which, led by Société Générale and BBVA, managed to inaugurate the Spanish 2024 securitisation market and enabled EdT to register its third securitisation fund so far this year, which, up to that point, are the only three public Spanish securitization funds filed with the CNMV.

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

May 2024

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