Clifford Chance advises BBVA on €2.5b inaugural synthetic securitisation
Clifford Chance has advised BBVA on its first synthetic securitisation of a consumer loan portfolio, structured through the newly created securitisation fund BBVA Vela Consumer 2025-1. The landmark transaction totals €2.5 billion and marks a significant step in the bank’s capital optimisation strategy.
As part of the deal, Credit Linked Notes were issued for a total of €131.2 million, corresponding to the mezzanine tranche of the structure.
The firm team was led by Leonardo Fernández, counsel in the Global Financial Markets group, with support from Virginia Jiménez, senior associate (Global Financial Markets), and Roberto Grau, senior counsel (Tax).
