Published on 6/29/2012 in the Prospect News Liability Management Daily.
BBVA takes in tenders for €638.22 million of asset-backed securities
By Susanna Moon
Chicago, June 29 - Banco Bilbao Vizcaya Argentaria, SA said it accepted tenders for €638,221,693.07 of the asset-backed securities listed in the table below in the tender offer that expired at noon ET on June 27.
There has been no scaling of any of the securities tendered for purchase and accepted by BBVA, according to a company press release.
BBVA said it estimates that the transaction will generate a capital gain of €250,129,138.90.
As previously noted, the purchase prices was set through an unmodified Dutch auction, in which BBVA pays for accepted securities equal to the price specified by security holders in their tender instructions.
Holders of senior securities were able to make competitive and non-competitive offers. For non-competitive offers, the minimum purchase price was considered to be the purchase price specified by the security holders.
For mezzanine securities, BBVA could accept offers from the lowest purchase price tendered to the highest purchase price tendered.
Holders will also receive accrued interest up to but excluding the settlement date.
The bank reserved the right to decide how much of each series to accept. It said it considered the relationship between the price at which the securities were offered versus the underlying risk of those securities.
Settlement is slated for July 2.
The dealer managers are Banco Bilbao Vizcaya Argentaria, Barclays Bank plc, HSBC Bank plc and Societe Generale. The tender agent is Lucid Issuer Services Ltd. (contact David Shilson or Paul Kamminga at bbva@lucid-is.com or 44 020 7704 0880).
BBVA is a bank based in Bilbao, Spain.
BBVA tender offer
| Issuer | Series | Minimum | Outstanding | Accepted | Purchase
|
| purchase price | amount | amount | price
|
| Senior securities
|
| BBVA-3 FTPYME Fondo de | A2(G) | 94% | €32,203,541
|
| Titulizacion de Activos
|
| BBVA Hipotecario 3 Fondo | A2 | 93% | €153,254,911
|
| BBVA-4 PYME Fondo | A2 | 96% | €26,765,804
|
| BBVA Autos 2 Fondo | A | 95% | €96,238,187
|
| BBVA Consumo 1 Fondo | A | 95% | €146,708,902
|
| BBVA-5 FTPYME Fondo | A1 | 94% | €80,348,015
|
| BBVA-5 FTPYME Fondo | A2 | 93% | €26,220,380
|
| BBVA-5 FTPYME Fondo | A3(G) | 92% | €13,320,751
|
| BBVA Consumo 2 Fondo | A | 95% | €202,765,847
|
| BBVA Finanzi Autos 1 Fondo | A | 95% | €103,976,009
|
| BBVA RMBS 1 Fondo | A2 | 78% | €914,677,260 | €17,378,867.94 | €14,705,723.66
|
| BBVA RMBS 1 Fondo | A3 | 52% | €495 million | €100,000,000 | €75,000,000
|
| BBVA RMBS 2 Fondo | A2 | 80% | €1,547,150,880 | €110,750,217.16 | €96,442,294.77
|
| BBVA RMBS 2 Fondo | A3 | 58% | €387.5 million | €65,000,000.00 | €55,900,000.00
|
| BBVA RMBS 2 Fondo | A4 | 46% | €1.05 billion
|
| BBVA-6 FTPYME Fondo | A1 | 93% | €109,124,347
|
| BBVA-6 FTPYME Fondo | A2(G) | 84% | €93,825,381
|
| BBVA Leasing 1 Fondo | A1 | 87% | €114,291,525
|
| BBVA Leasing 1 Fondo | A2 | 87% | €244,766,730
|
| BBVA RMBS 3 Fondo | A1 | 60% | €551,750,520 | €11,540,781.71 | €7,939,689.98
|
| BBVA RMBS 3 Fondo | A2 | 60% | €557,606,191
|
| BBVA RMBS 3 Fondo | A3a | 60% | €671,905,335
|
| BBVA RMBS 3 Fondo | A3b | 60% | €136,206,230
|
| BBVA RMBS 3 Fondo | A3c | 60% | €63,562,908 | €40,010,580.18 | €24,006,348.11
|
| BBVA RMBS 3 Fondo | A3d | 60% | €27,241,246 | €27,241,246.08 | €16,344,747.65
|
| BBVA-8 FTPYME Fondo | A2(G) | 88% | €197,119,075
|
|
|
| Mezzanine securities
|
| BBVA Autos 1 Fondo | C | NA | €20,504,183
|
| BBVA-3 FTPYME Fondo | B | NA | €17,657,844
|
| BBVA-3 FTPYME Fondo | C | NA | €8,049,900
|
| BBVA Hipotecario 3 Fondo | B | NA | €46,525,861
|
| BBVA Hipotecario 3 Fondo | C | NA | €15,731,895
|
| BBVA-4 PYME Fondo | B | NA | €18,409,870
|
| BBVA-4 PYME Fondo | C | NA | €26,783,804
|
| BBVA Autos 2 Fondo | B | NA | €20.5 million
|
| BBVA Autos 2 Fondo | C | NA | €30 million
|
| BBVA Consumo 1 Fondo | B | NA | €28.5 million
|
| BBVA Consumo 1 Fondo | C | NA | €24 million | €10,100,000 | €5,045,000
|
| BBVA-5 FTPYME Fondo | B | NA | €39.9 million
|
| BBVA-5 FTPYME Fondo | C | NA | €57 million
|
| BBVA Consumo 2 Fondo | B | NA | €16.5 million
|
| BBVA Consumo 2 Fondo | C | NA | €42.8 million
|
| BBVA Finanzia Autos 1 Fondo | B | NA | €26.8 million
|
| BBVA Finanzia Autos 1 Fondo | C | NA | €29.2 million
|
| BBVA RMBS 1 Fondo | B | NA | €120 million | €66,600,000 | €27,732,500
|
| BBVA RMBS 1 Fondo | C | NA | €85 million | €58,500,000 | €18,155,000
|
| BBVA RMBS 2 Fondo | B | NA | €112.5 million | €65,100,000 | €20,191,750
|
| BBVA RMBS 2 Fondo | C | NA | €100 million | €22,800,000 | €9,054,500
|
| BBVA-6 FTPYME Fondo | B | NA | €50.3 million
|
| BBVA-6 FTPYME Fondo | C | NA | €32.3 million
|
| BBVA Leasing 1 Fondo | B | NA | €82.5 million
|
| BBVA Leasing 1 Fondo | C | NA | €61.3 million
|
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