BBVA taps Catalunya Banc assets for new Spanish RMBS

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By Tom Brown
02 Dec 2019

Banco Bilbao Vizcaya Argentaria (BBVA) has structured a large Spanish RMBS, likely to be retained and used as central bank collateral. The deal is made up of 88.1% BBVA mortgages, with another 10.2% originated by CatalunyaCaxia Banc, which was bailed out and bought out of state ownership by BBVA following the financial crisis.

Catalunya Banc was nationalised in 2015 following a liquidity injection by the Fund for Orderly Bank Restructuring (FROB). The bank was then sold and absorbed in 2016 into BBVA, which is servicing the portfolio.

The deal, BBVA RMBS 19 Fondo de Titulización, is a €2.2bn transaction with ...

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