-- Leo Shvartsman
Banco Bilbao Vizcaya Argentaria is coming to market with its second mortgage-backed securitization of the year, BBVA RMBS 4, Fondo de Titulizacion de Activos. The floating-rate notes are preliminarily pegged at €4.9 billion ($7.2 billion). BBVA is the originator, servicer, paying agent and interest swap counterparty on the deal. Officials at BBVA declined to comment on the transaction until it was closed.
Standard & Poor’s rated the deal, which has three AAA class A notes, an A-rated class B piece and a BBB class C tranche. S&P officials did not immediately return calls.