Published on 6/20/2012 in the Prospect News Liability Management Daily.
BBVA begins tender offer for senior, mezzanine asset-backed securities
By Angela McDaniels
Tacoma, Wash., June 20 - Banco Bilbao Vizcaya Argentaria, SA began a tender offer for the asset-backed securities noted in the table below.
The purchase prices will be set through an unmodified Dutch auction, meaning the price that BBVA will pay for accepted securities will be equal to the price specified by security holders in their tender instructions, according to a 6-K filing with the Securities and Exchange Commission.
Holders of senior securities may make competitive and non-competitive offers, which may or may not be accepted by BBVA. For non-competitive offers, the applicable minimum purchase price noted in the table below will be considered to be the purchase price specified by the security holders.
For mezzanine securities, BBVA will be able to 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 reserves the right to decide how much of each series to accept. It said it will consider the relationship between the price at which the securities are being offered versus the underlying risk of those securities.
The offer will end at 11 a.m. ET on June 27. The results will be announced on June 28. The expected settlement date is 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 amount
|
| purchase price
|
| Senior securities
|
| BBVA-3 FTPYME Fondo de Titulizacion de Activos | Series A2(G) | 94% | €32,203,541
|
| BBVA Hipotecario 3 Fondo de Titulizacion de Activos | Series A2 | 93% | €153,254,911
|
| BBVA-4 PYME Fondo de Titulizacion de Activos | Series A2 | 96% | €26,765,804
|
| BBVA Autos 2 Fondo de Titulizacion de Activos | Series A | 95% | €96,238,187
|
| BBVA Consumo 1 Fondo de Titulizacion de Activos | Series A | 95% | €146,708,902
|
| BBVA-5 FTPYME Fondo de Titulizacion de Activos | Series A1 | 94% | €80,348,015
|
| BBVA-5 FTPYME Fondo de Titulizacion de Activos | Series A2 | 93% | €26,220,380
|
| BBVA-5 FTPYME Fondo de Titulizacion de Activos | Series A3(G) | 92% | €13,320,751
|
| BBVA Consumo 2 Fondo de Titulizacion de Activos | Series A | 95% | €202,765,847
|
| BBVA Finanzi Autos 1 Fondo de Titulizacion de Activos | Series A | 95% | €103,976,009
|
| BBVA RMBS 1 Fondo de Titulizacion de Activos | Series A2 | 78% | €914,677,260
|
| BBVA RMBS 1 Fondo de Titulizacion de Activos | Series A3 | 52% | €495 million
|
| BBVA RMBS 2 Fondo de Titulizacion de Activos | Series A2 | 80% | €1,547,150,880
|
| BBVA RMBS 2 Fondo de Titulizacion de Activos | Series A3 | 58% | €387.5 million
|
| BBVA RMBS 2 Fondo de Titulizacion de Activos | Series A4 | 46% | €1.05 billion
|
| BBVA-6 FTPYME Fondo de Titulizacion de Activos | Series A1 | 93% | €109,124,347
|
| BBVA-6 FTPYME Fondo de Titulizacion de Activos | Series A2(G) | 84% | €93,825,381
|
| BBVA Leasing 1 Fondo de Titulizacion de Activos | Series A1 | 87% | €114,291,525
|
| BBVA Leasing 1 Fondo de Titulizacion de Activos | Series A2 | 87% | €244,766,730
|
| BBVA RMBS 3 Fondo de Titulizacion de Activos | Series A1 | 60% | €551,750,520
|
| BBVA RMBS 3 Fondo de Titulizacion de Activos | Series A2 | 60% | €557,606,191
|
| BBVA RMBS 3 Fondo de Titulizacion de Activos | Series A3a | 60% | €671,905,335
|
| BBVA RMBS 3 Fondo de Titulizacion de Activos | Series A3b | 60% | €136,206,230
|
| BBVA RMBS 3 Fondo de Titulizacion de Activos | Series A3c | 60% | €63,562,908
|
| BBVA RMBS 3 Fondo de Titulizacion de Activos | Series A3d | 60% | €27,241,246
|
| BBVA-8 FTPYME Fondo de Titulizacion de Activos | Series A2(G) | 88% | €197,119,075
|
| Mezzanine securities
|
| BBVA Autos 1 Fondo de Titulizacion de Activos | Series C | NA | €20,504,183
|
| BBVA-3 FTPYME Fondo de Titulizacion de Activos | Series B | NA | €17,657,844
|
| BBVA-3 FTPYME Fondo de Titulizacion de Activos | Series C | NA | €8,049,900
|
| BBVA Hipotecario 3 Fondo de Titulizacion de Activos | Series B | NA | €46,525,861
|
| BBVA Hipotecario 3 Fondo de Titulizacion de Activos | Series C | NA | €15,731,895
|
| BBVA-4 PYME Fondo de Titulizacion de Activos | Series B | NA | €18,409,870
|
| BBVA-4 PYME Fondo de Titulizacion de Activos | Series C | NA | €26,783,804
|
| BBVA Autos 2 Fondo de Titulizacion de Activos | Series B | NA | €20.5 million
|
| BBVA Autos 2 Fondo de Titulizacion de Activos | Series C | NA | €30 million
|
| BBVA Consumo 1 Fondo de Titulizacion de Activos | Series B | NA | €28.5 million
|
| BBVA Consumo 1 Fondo de Titulizacion de Activos | Series C | NA | €24 million
|
| BBVA-5 FTPYME Fondo de Titulizacion de Activos | Series B | NA | €39.9 million
|
| BBVA-5 FTPYME Fondo de Titulizacion de Activos | Series C | NA | €57 million
|
| BBVA Consumo 2 Fondo de Titulizacion de Activos | Series B | NA | €16.5 million
|
| BBVA Consumo 2 Fondo de Titulizacion de Activos | Series C | NA | €42.8 million
|
| BBVA Finanzia Autos 1 Fondo de Titulizacion de Activos | Series B | NA | €26.8 million
|
| BBVA Finanzia Autos 1 Fondo de Titulizacion de Activos | Series C | NA | €29.2 million
|
| BBVA RMBS 1 Fondo de Titulizacion de Activos | Series B | NA | €120 million
|
| BBVA RMBS 1 Fondo de Titulizacion de Activos | Series C | NA | €85 million
|
| BBVA RMBS 2 Fondo de Titulizacion de Activos | Series B | NA | €112.5 million
|
| BBVA RMBS 2 Fondo de Titulizacion de Activos | Series C | NA | €100 million
|
| BBVA-6 FTPYME Fondo de Titulizacion de Activos | Series B | NA | €50.3 million
|
| BBVA-6 FTPYME Fondo de Titulizacion de Activos | Series C | NA | €32.3 million
|
| BBVA Leasing 1 Fondo de Titulizacion de Activos | Series B | NA | €82.5 million
|
| BBVA Leasing 1 Fondo de Titulizacion de Activos | Series C | NA | €61.3 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
