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BBVA Consumo 10 FTA: 07 July 2019

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 consumer and auto loans advanced to 226,990 obligors, all being resident in Spain. The average principal is Eur9,857 and the pool is highly granular with the largest obligor accounting for just 0.007% of outstandings and the top 10 obligors for 0.0556%. Interest rate type: fixed 98.53%, floating 1.47%. The WA seasoning is 1.25 years. Regional concentration (by outstanding principal): Catalonia 20.76%, Andalusia 18.01%, Madrid 11.37% and the Valencian Community 10.05%.

EU Risk Retention: BBVA will retain, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation transaction in accordance with Article 6 of the Securitisation Regulation as described in section of the Additional Building Block and will be the Reporting Entity for the purposes of Article 7 of the Securitisation Regulation as described in section of the Additional Building Block.

STS: The Originator will submit a STS notification to ESMA in accordance with Article 27 of the Securitisation Regulation, pursuant to which compliance with the requirements of Articles 19 to 22 of the Securitisation Regulation shall be notified with the intention that the securitisation transaction is to be included in the list administered by ESMA within the meaning of Article 27 of the Securitisation Regulation.

Compare/contrast: BBVA Consumo 9 FTA, FTA Santander Consumer Spain Synth Auto 2018-1