BBVA opens the market after the summer period by issuing its ninth auto loan securitization fund.
On September 8, 2025, BBVA and EdT executed the Deed of Incorporation of BBVA Consumer Auto 2025-1 FT, the sixth securitization fund of loans granted by BBVA to individuals for the purchase of vehicles under the Consumer Auto program. The transaction, primarily aimed at regulatory capital relief, is structured under Significant Risk Transfer (SRT) criteria and divided into five tranches of notes: four collateralized tranches used to finance the acquisition of credit rights arising from the loans, and one uncollateralized tranche (Series Z) allocated to provide the initial reserve fund. The total issuance volume amounts to €1,005.00 million.
The transaction timeline was set in June, with the goal of finalizing documentation during July and August. The intention was to announce the deal to the market in the last week of August and carry out the bond pricing in the first days of September. The schedule was designed considering the expected accumulation of transactions in September, similar to what occurred in the previous year.
Investor demand, reflected in the broad oversubscription across all tranches, drove a tightening of spreads. This strong performance allowed the rating agencies to upgrade the preliminary ratings of three tranches on the Closing Date.
We would like to express our gratitude to the teams from BBVA, BNP Paribas, Garrigues, Linklaters, Deloitte, PCS, EDW, DBRS, and Moody’s, whose efforts made this transaction a success.
Europea de Titulización, S.A., S.G.F.T.
September 2025