An affiliate of BBVA is securitizing €265 million in Spanish mortgages, a majority of which are formerly delinquent loans from the Catalonia region returned to performing status.

The portfolio consists of well-seasoned (average 9.08 years), first-lien mortgages of 2,585 Spanish borrowers, with an existing weighted average LTV of 55.27%, which is lower than the average for Spanish RMBS transactions, according to Moody’s Investors Service.

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