BBVA launches its fifteenth consumer loan securitisation, marking the largest transaction of this asset type issued in Europe so far this year
On May 26th, BBVA executed the Deed of incorporation of BBVA Consumer 2025-1 FT, its fifteenth consumer loan securitisation fund, the second structured under Significant Risk Transfer (SRT) requirements, and the largest issuance of its kind in Europe in 2025 to date.
The transaction is structured into six bond tranches: five collateralised tranches, intended to finance the acquisition of credit rights arising from the loan assignments, and one uncollateralised tranche (Class Z), designed to fund the reserve fund. The total issuance volume amounts to €2,371.1 million.
The transaction, with a notably high volume for this type of structure, attracted demand significantly exceeding supply across nearly all bond classes, with particularly strong oversubscription in the mezzanine and junior tranches. This solid market reception, despite a competitive environment with several comparable deals pricing in the same period, contributed to a tightening of spreads and allowed pricing to be set at the lower end of the initial guidance range.
We would like to highlight the excellent work and coordination of the teams from Garrigues, Linklaters, Deloitte, PCS, EDW, DBRS, and Moody’s, whose efforts, led by BBVA and BNP Paribas, were critical in ensuring Originator’s objectives in terms of execution timeline, issuance volume, and pricing levels.
Europea de Titulización, S.A., S.G.F.T.
May 2025