Last November, BBVA synthetically transferred the risk associated with a €3bn portfolio of loans granted to SMEs and large corporations through a securitisation fund.
The Securitization Fund, established under Spanish law and supervised by the CNMV, issued a single series of bonds (Credit-Linked Notes) amounting to €190.5 million.
BBVA has frequently used unfunded synthetic securitizations, without a vehicle, as a mechanism for capital relief, but this marks the first time it has utilised a Securitization Fund and the first to be placed among institutional investors.
We at Europea de Titulización would like to thank the excellent work of the parties involved, BBVA, Société Générale, A&O Shearman, Deloitte, PCS, Wiener Börse, whose coordinated efforts have made it possible to achieve the objectives and timelines set by the Originator.
Europea de Titulización
December 2024