At the end of February, BBVA successfully completed its second on-balance sheet securitisation through a securitisation fund, i.e. a funded transaction through the issue of Credit Link Notes (CLN). On this occasion, BBVA synthetically transferred the risk linked to a portfolio of loans granted to companies and large corporations for an amount of €3.25 billion.
At the end of February, BBVA successfully completed its second synthetic securitization through a securitization fund, i.e., a “funded” transaction through the issuance of Credit Linked Notes (CLN). On this occasion, BBVA synthetically transferred the risk associated with a portfolio of loans granted to companies and large corporations for an amount of €3.25 billion.
The securitisation fund, established under Spanish law and supervised by the CNMV, issued a single tranche of CLNs for €227.5 million, corresponding to the mezzanine tranche of the capital stack.
BBVA has frequently used “unfunded” synthetic securitizations without a vehicle as a capital optimization mechanism. This is the second transaction in which it has employed a securitization fund for placement among institutional investors, following the success of the first one at the end of 2024.
From Europea de Titulización, we would like to express our gratitude for the excellent work of all parties involved in the deal: BBVA, Société Générale, A&O Shearman, Deloitte, PCS, Wiener Börse. Thanks to their coordinated efforts, it has once again been possible to meet the objectives and deadlines set by the Originator.
Europea de Titulización
March 2025