spot_img
Friday, May 24, 2024

BBVA instructs Clifford on the launch of its largest fund in Spain

Clifford Chance has advised BBVA on the registration of a new €12.4 billion mortgage securitisation fund, the largest issue of this kind by the bank in Spain to date, with the Spanish Securities and Exchange Commission (CNMV)

-

The securitisation fund is made up of mortgage loans granted by BBVA to its customers. The amount of the issue is €12.4 billion and the bonds have been fully subscribed by BBVA. The securitised portfolio comes from loans included in several previously issued funds and newly originated loans.

The purpose of this issue is that the bonds can be used as collateral in the European Central Bank’s liquidity auctions. The issue consists of two series of bonds, one senior (class A) and one subordinated (class B). Class A (€12,028 million) is the one issued with the aim of being used as collateral in operations with the Eurosystem. The issue of class B bonds amounts to €372 million.

The bonds have obtained very good ratings from the rating agencies DBRS, S&P, and Scope. The latter has awarded the highest credit rating (AAA) to the class A bonds.

Clifford Chance Global Financial Markets team was led by partner and head of this area in Spain Eduardo García, along with senior associate Jesús Quesada, and associate Pedro Cubillas.

- Advertisement -spot_img
- Advertisement -spot_img

MOST READ NEWS

DWF-RCD nabs Mazars B&F head partner

Jesús joins DWF-RCD from Mazars, where he was the partner in charge the firm´s Banking and Finance practice in Spain. He holds a Law degree...

KPMG Abogados advises Miura Partners on the acquisition of GasN2

GasN2 was founded in 2009 and is based in Sentmenat (Barcelona). GasN2 designs, manufactures and markets energy-efficient industrial equipment for a wide variety of...

Mango renews its Legal department

Eugenia Jover joins Mango from Deloitte Legal, where she was a director in the firm´s Corporate/M&A department. She is a Commercial Lawyer with extensive...
spot_img
spot_img
spot_img
spot_img
- Advertisement -spot_img
error: