At the end of November, BBVA successfully completed a new synthetic capital relief securitisation through the incorporation of the securitisation fund BBVA VELA CORPORATE 2025-2 FT. The transaction continues the Vela Corporate programme and consolidates the use of synthetic, SPV-based structures for the efficient management of regulatory capital.
In these transactions, BBVA synthetically transfers the risk associated with a portfolio of loans to Spanish Corporate and SME borrowers and issues Credit Linked Notes corresponding to the mezzanine tranche. The subscription of these notes finances the protection granted to the Originator under a Financial Guarantee Agreement.
The FT is structured through the execution of a Financial Guarantee Agreement between BBVA (as protection buyer) and the Fund (as protection seller), with the objective of achieving regulatory capital relief, in line with the CRR framework and BBVA’s established practice in SRT (Significant Risk Transfer) transactions.
The transaction has been structured as a private deal under Spanish law, maintaining the eligibility criteria, verification procedures and operational standards applied in previous transactions of the Vela Corporate family.
The deal involved A&O Shearman, PCS, Deloitte, Vienna MTF and BBVA acting as Originator and Arranger, coordinating the structuring and distribution processes of the CLNs.
Europea de Titulización would like to thank all the parties involved for their coordinated efforts, which have made it possible to close the transaction within the demanding timeline set.
Europea de Titulización, S.A., S.G.F.T.
November 2025