Spain - BBVA securitises PF assets

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EMEA

BBVA has transacted its first synthetic securitisation of a portfolio of project finance loans in a €500m deal. Swedish pension fund manager Alecta and PGGM are the investors with BBVA keeping the first 20% of the risk on each loan. The portfolio has a variety of projects, mainly in Spain and Western Europe, with one third in renewable energy projects.