BBVA Consumer Auto 2023-1: 12 June 2023
The Fund’s activity is (i) to acquire a number of receivables owned by the Originator (BBVA) under consumer loans granted to individuals resident in Spain for financing the purchase of new or used vehicles, assigned by the Originator to the Fund, comprising the Receivables acquired by the Fund upon being incorporated and the Receivables subsequently acquired during the Revolving Period, and (ii) to issue asset-backed notes the subscription for which is designed to finance the acquisition of the Initial Receivables.
Eligibility criteria (includes): that the Obligors are individuals resident in Spain other than an employee, officer or director of the Originator; the Loan is denominated in Euros; the Loan principal has already been fully drawn down; the Loan is established at a fixed interest rate; the Loan has no payments more than fifteen days overdue; Loan interest and repayment instalment frequency is monthly; at least six instalments have fallen due on the Loan.
The portfolio at cut-off (9 May 2023) comprised 66,905 loans advanced to 66,772 obligors, where the average loan balance is Eur13,392 and the largest is for Eur71,317. The portfolio is highly granular, with the top 10 obligors accounting for just 0.06% of outstanding balances. All loans were advanced via the EMI (Equate Monthly Instalment) basis. Vehicle type (number of loans / % of current balances): Used 43,791 / 67.63%, New 23,114 / 32.37%. Regional concentration: Andalusia – 22.00%, Catalonia – 17.02%, Madrid – 11.38% and Valencian Community – 10.78%.
EU Risk Retention: BBVA will retain a material net economic interest in the securitisation and will be the Reporting Entity in accordance with Securitisation Regulation.
US Risk Retention: The transaction will not involve the retention by the Originator of at least 5% of the credit risk of the Issuer for the purposes of the US Risk Retention Rules, but rather will be made in reliance on an exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions.
STS: The Originator will submit a STS notification to ESMA in accordance with Article 27 of the Securitisation Regulation.
Compare/contrast: BBVA Consumer Auto 2022-1, FTA Santander Consumer Spain Auto 2022-1