On 16 February, BBVA successfully completed the issuance of BBVA CONSUMER 2026-1 FT, a consumer loan securitisation fund for an amount of up to €2.3 billion, aimed at achieving regulatory capital relief under an SRT (Significant Risk Transfer) structure and obtaining the STS (Simple, Transparent and Standardised) label.
This transaction represents the first Spanish securitisation placed in the market so far this year, marking the opening of the domestic securitisation market in 2026 with a large-scale transaction of high credit quality.
The transaction was met with excellent investor demand, achieving broad oversubscription levels, particularly significant in the mezzanine tranches, which were between five and eight times oversubscribed, reflecting the strong positioning of the BBVA Consumer programme among institutional investors and the attractiveness of the underlying asset.
With this transaction, BBVA further strengthens its consumer securitisation franchise, as this is the third market placement within this family of funds, which has contributed to facilitating its distribution among investors.
Once again, Europea de Titulización would like to thank all the parties involved BBVA, Société Générale, Fitch Ratings, Moody’s, Gómez-Acebo & Pombo, J&A Garrigues, PCS and Deloitte, whose coordinated efforts have made it possible to successfully execute this transaction, inaugurating the Spanish securitisation market in 2026 with a very positive signal in terms of investor demand and market confidence.
Europea de Titulización, S.A., S.G.F.T.
February 2026