In December 2025, WiZink Bank, S.A.U. successfully incorporated POSETS 2025-1 FT, a synthetic securitisation transaction structured with the aim of achieving regulatory capital relief, with Europea de Titulización acting as the management company of the fund.

The transaction is implemented through a Spanish-law securitisation fund and involves the synthetic transfer of credit risk associated with a portfolio of credit rights derived from credit cards granted to individuals, including an initial revolving period.

Risk transfer is achieved through a Financial Guarantee Agreement covering the mezzanine tranche of the portfolio. The protection is funded through the issuance of Credit Linked Notes (CLNs), subscribed by institutional investors. The structure also incorporates a Synthetic Excess Spread and a junior tranche as loss-absorbing layers.

The transaction involved Société Générale, Clifford Chance, Deloitte, Wiener Börse and SVI as third parties, whose coordinated efforts made it possible to achieve the regulatory objectives and timetable set by the Originator.

POSETS 2025-1 FT represents the first credit card securitisation managed by Europea de Titulización, the first synthetic credit card securitisation executed in Spain and in Europe with these characteristics, and the first synthetic securitisation carried out by WiZink Bank, marking a significant milestone for both the Originator and the Management Company.

Europea de Titulización, S.A., S.G.F.T.

December 2025