BBVA launches its eighth auto loan securitisation fund
On September 16, 2024, BBVA formally incorporated BBVA Consumer Auto 2024-1 FT being the fifth securitisation fund of loans granted by the Bank to individuals for the acquisition of vehicles of its Consumer Auto family.
The capital stack comprises five tranches of bonds, four of them collateralised to finance the acquisition of the credit rights derived from the auto loans and one uncollateralised tranche (Series Z) aimed to fund the initial reserve fund. The total issue amounts EUR 1,005.00 million.
The transaction timeline was drawn up in June so that the documentation could be agreed during July and August, which would allow the deal to be announced and placed in early September, in view of a high number of deals expected for the month. Expectations have been more than fulfilled with a concentration of deals not seen in a single month since pre-crises time in 2007-2008.
Investors’ appetite, reflected in the widespread oversubscription of all the tranches, pushed prices to the lower bound of the range, with some even falling below the guidance price. This, combined with the decline in swap rates, enabled rating agencies to finally upgrade the preliminary ratings of three of the tranches by the Closing Date.
Europea de Titulización, S.A., S.G.F.T.
September 2024