BBVA successfully completed in mid-May a new securitisation transaction backed by auto loans. The transaction, structured through BBVA CONSUMER AUTO 2026-1 FT, reached a volume of EUR 1.0 billion and was aimed at achieving regulatory capital relief. The transaction was structured in accordance with the stringent European STS (Simple, Transparent and Standardised), SRT (Significant Risk Transfer) and LCR (Liquidity Coverage Ratio) standards.
The securitisation fund, incorporated under Spanish law and managed by Europea de Titulización, pools receivables derived from 83,200 loans granted by BBVA to individuals resident in Spain for the financing of new and used vehicles, with the portfolio characterised by a high degree of granularity.
The transaction attracted strong investor interest, with all tranches oversubscribed and demand reaching up to 6.5 times the amount offered. The issuance also achieved a highly diversified investor distribution, with 36 accounts allocated, approximately 30% of which were new investors compared to the previous transaction. The tightening of spreads versus the initial guidance also allowed the rating agencies to upgrade the ratings of two of the issued series.
In addition, the transaction achieved particularly significant milestones in the European auto loan securitisation market. The AAA tranche reached levels equivalent to the tightest spreads recorded for Spanish auto collateral since 2021, while the BBB tranche achieved the lowest spread for a Spanish auto ABS issuance since that same year. The transaction also incorporated a simplified structure compared to previous issuances and targeted an AAA/Aaa rating for the Senior Series, following Moody’s removal of the Spanish country ceiling.
“From Europea de Titulización, we would like to thank all parties involved in the transaction for their excellent work and coordination, especially BBVA, BNP Paribas, rating agencies, legal advisers, investors and the rest of the participating institutions.” The joint effort made it possible to successfully complete one of the most outstanding Spanish Auto ABS transactions of recent years.
Europea de Titulización, S.A., S.G.F.T.
May 2026