BBVA gets capital relief through synthetic securitisation

Second deal with European Investment Bank frees up balance sheet for lending

BBVA saved €443 million ($536 million) in risk-weighted assets through a synthetic securitisation of Spanish loans agreed with the European Investment Bank in the first quarter.

The deal, struck on March 15, saw the EIB and European Investment Fund (EIF) grant BBVA a €98 million guarantee on the mezzanine tranche of a €1.95 billion portfolio of loans to Spanish small and medium-sized enterprises.

The RWA savings, announced in the bank’s quarterly earnings report, accounted for 13% of a total

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