At the end of March, BBVA completed a new synthetic securitisation for regulatory capital relief through a securitisation fund, BBVA VELA MORTGAGE 2026-1 FT, whose deed of incorporation was executed on 26 March. The transaction has been structured over a portfolio of first-lien residential mortgage loans granted to individuals in Spain, with the synthetic transfer of risk being implemented through a financial guarantee agreement and the issuance of Credit Linked Notes (CLN).
The transaction references a portfolio of €1.25 billion and a €100 million CLN issuance. The reference portfolio is drawn from a pool of residential mortgage loans originated by BBVA or entities integrated into its group, secured by first-ranking real estate mortgages over completed residential properties located in Spain.
The structure follows the usual framework for funded synthetic transactions, with a protected mezzanine tranche placed with institutional investors through CLNs, and junior and senior tranches retained by BBVA. On this occasion, the underlying asset consists of residential mortgage loans, representing a new milestone within BBVA’s recent synthetic securitisation activity structured for regulatory capital relief and managed by Europea de Titulización.
Once again, at Europea de Titulización we would like to thank all parties involved for their excellent work, including BBVA, as well as the other advisers and participants in the transaction, whose coordinated efforts made it possible to achieve the objectives set by the originator.
Europea de Titulización, S.A., S.G.F.T.
April 2026