BBVA Completes Record €4.5 Billion Synthetic Securitisation to Boost Corporate Lending Capacity
BBVA has executed the largest synthetic securitisation transaction in its history, referencing a €4.5 billion corporate loan portfolio. The transaction allows the bank to release close to 80% of the initial regulatory capital associated with the portfolio, increasing its capacity to continue financing corporate clients.
The transaction has been structured as an on-balance sheet synthetic securitisation, through which the bank transfers a portion of the credit risk of the portfolio to institutional investors while the loans remain on BBVA’s balance sheet. These structures allow the bank to optimise the use of regulatory capital and increase its lending capacity to continue supporting the real economy.
The transaction attracted strong interest from the market, with broad participation from institutional investors specialised in Significant Risk Transfer (SRT) transactions. Despite recent market volatility linked to the current geopolitical environment, the transaction was executed at pricing levels comparable to similar transactions completed in 2025, highlighting the strength and resilience of this market segment.
The transaction also meets the Simple, Transparent and Standardised (STS) criteria established by the EU, recognising securitisations that meet the highest standards in terms of structure, transparency and risk management.
This is BBVA’s fifth synthetic securitisation transaction referencing its large corporate lending portfolio, forming part of the bank’s active balance sheet management strategy.