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BBVA Consumo 9 FTA: 30 March 2017

Again, as per previous Consumo transactions, the receivables to be pooled in the fund shall exclusively consist of receivables owned by and shown on the assets of BBVA and BBVA Finanzia derived from loans granted to individuals resident in Spain to finance, in the case of BBVA, retail activities (construing these retail activities in the broad sense and including, inter alia, financing the obligor’s expenses, purchase of merchandise, goods including motor cars, or services) and, in the case of BBVA Finanzia, the purchase of motor cars.

The selected loan portfolio (as at 6 March 2017) comprises 169,230 consumer and auto loans advanced to 155,544 obligors. The average principal is Eur8,416 and the pool is highly granular with the largest obligor accounting for just 0.0068% of outstandings and the top 10 obligors for 0.0625%. Out of the selected portfolio loans, 97.58%, in terms of outstanding principal, are loans granted to individuals with Spanish citizenship, whereas the remaining 2.42% have been granted to foreign individuals resident in Spain. Interest rate type: fixed 87.93%, floating 12.07%. The WA seasoning is 0.95 years. Regional concentration (by outstanding principal): Andalusia 18.88%, Catalonia 16.52%, Madrid 12.34% and the Valencian Community 10.74%.

CRR/405: In compliance with the provisions of Article 405 the originator shall, on an ongoing basis, retain a material net economic interest in the fund on the terms required by Regulation 575/2013. In this regard, the Originator has notified that the net economic interest retained shall not be subject to any credit risk mitigation or any short positions or any other hedge and shall not be sold. BBVA, as originator of the securitisation, shall agree to retain on an ongoing basis Series B Bonds and the Subordinated Loan principal (first loss tranche) in order for the retention to initially equal 13.5% of the outstanding balance of the loans (securitised exposures) and at all times a ratio of not less than 5% of the outstanding balance of the loans.

Compare/contrast: BBVA Consumo 8 FTA