BBVA RMBS 19 FTA: 28 November 2019

This will be the first Spanish RMBS under the new European framework for securitisation.

The portfolio will consist of 16,980 mortgage loans owned by BBVA and granted to16,944 borrowers residing in Spain with senior ranked real estate mortgage security on finished homes (and their annexes - parking spaces and/or lumber rooms - if any) located in Spain. Out of the selected mortgage loans, 95.70% in terms of outstanding principal are mortgage loans granted by BBVA to Spanish individual obligors, whereas the remaining 4.30% are foreign individual obligors resident in Spain. The average current balance per loan is Eur121,800 and the largest loan is for Eur1.742mln. Interest rate type: variable 58.4%, fixed rate 41.6%. The current WA LTV is 70.60% (original LTV was 77.10%) and the WA seasoning is 3.20 years. Regional concentration (by current balances): Catalonia 30.6%, Andalucia 16.2% and Madrid 15.0%.

Compare/contrast: BBVA RMBS 18, Rural Hipotecario XVIII