BBVA Leasing 2, F.T.: 31 July 2020

Unlike London buses these deals don’t appear very often, as the previous leasing securitisation via BBVA came to market some 13 years ago.

The transaction is a static securitisation of a pool of leasing contracts, all having been originated in Spain by BBVA, who will also act as the seller and servicer. The contracts have been granted by BBVA to non-financial small- and medium sized enterprises domiciled in Spain. All leases have been extended to commercial clients, of which only 4.1% are classified as self-employed.

The pool consists of 40,187 leasing contracts extended to 21,500 lessors, and 19,967 actual borrower groups. The average current principal balance is Eur63,350. Borrower concentration (by current balances): top 1 – 1.06%, top 10 – 8.20%, top 20 – 12.53%. Interest rate type: fixed – 77.6%, floating – 22.4%. Repayment type: French amortisation – 94.0%. The WA seasoning is 31.7 mnths. Regional concentration: Catalonia – 22.9%, Madrid – 21.9% and Andalusia – 12.4%.

Compare/contrast: BBVA Leasing 1 FTA, BBVA Consumer Auto 2020-1, Caixabank Leasings 3, FTDA