auto abs performance report
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Issuance of traditional ABS (those backed bycredit cards, personal loans, auto loans andleases, trade receivables, and equipment leasing)was €23.4 billion in 2004, 4.3% lower than in2003. However, there were significant changesin the distribution of asset types that underpintransactions. Notes backed by equipment andother types of leases reached 40% of the totalamount of issued notes, increasing from 14% in2003. The issuance of notes backed by autoloans exceeded the issuance of notes backed bycredit cards. Their respective share in totalissuance in 2004 was 26.6% and 26.2%.Although the issuance of notes backed by tradereceivables increased by nearly 60%, their sharein total issuance remained modest – only 4%.There was also low issuance in 2004 of notesbacked by personal loans, which accounted foronly 3% of total issuance (see chart 1).
European Auto ABS In 2004There was a much higher volume of auto ABStransactions in 2004 than in 2003, although notbeating the record set in 2002. The total volume oftransactions rated by Standard & Poor's reachednearly €6 billion (see chart 2). In 2005, Standard& Poor's rated 10 transactions. Of these, six were
repeat issues, two were originated by subsidiariesof active participants in the securitization market,and two were originated by newcomers. Twotransactions closed in the fourth quarter of 2004:Volkswagen Leasing GmbH brought to market itsseventh securitization of auto leases, VCL No. 7Ltd., and Banco Bilbao Vizcaya Argentaria, S.A.for the first time securitized its auto loan portfolioin its BBVA Autos 1 Fondo de Titulizacion deActivos transaction.
The most common theme for 2004 was thatrepeat originators sought increasing flexibility intheir transactions. Several transactions includednew features not seen in traditional European autoABS, which have been standard amortizing orrevolving transactions with a fixed issuanceamount.
The Nixes/A-Best transaction for Fiat SAVA SpAwas the first auto ABS transaction to have a ramp-up period before term issuance. BMORE 4, afourth transaction for Banco Mais S.A., alsoincorporated new features: the issuance ofprefunded notes at closing and a further tapissuance of all classes of the notes. FCC EuroTruck Lease, originated by Fraikin Group, has theflexibility to increase the issuance of rated notesunder its program.
European Auto ABS Increases 2004 Market Share In Issuance
1European Structured Finance Report Q4 2004
Auto ABS PerformanceReportEuropean Structured Finance Report Q4 2004
Issue 5 - March 2005
Contacts:
Chris SuchLondon (44) [email protected]
Vladimir StupakLondon (44) [email protected]
Executive Summary
� Issuance of traditional ABS(credit cards, personal loans,auto loans and leases, tradereceivables, and equipmentleasing) was €23.4 billion in2004, 4.3% lower than in 2003.
� Over the same period, there wasa near 50% increase in thevolume of auto ABS transactions,although not beating the recordset in 2002.
� Two transactions closed in thefourth quarter of 2004 fromVolkswagen Leasing GmbH andBanco Bilbao Vizcaya Argentaria,S.A.
� Auto ABS transactionperformance has remained stablewith no downgrades of ratednotes in 2004 and the upgrade oftwo junior tranches of seasonedtransactions.
� The prepayment rate in thesector continued a decliningtrend in 2004.
Rated By Standard & Poor's
Auto loans and leases26.64%
Credit cards26.24%
Equipment leasing40.09%
Personal loans2.97%
Trade receivables4.06%
Chart 1ABS Issuance In 2004
Rated By Standard & Poor’s
2European Structured Finance Report Q4 2004
Auto ABS Performance Report Issue 5 - March 2005
There are two distinct types of originator inEurope – financing arms (captives) ofautomakers and retail banks. For the purpose of
clarity, table 1 lists transactions originated byfinancing arms (captives) of automakers andtable 2, transactions originated by non-captives.
Rated By Standard & Poor's
0
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1999 2000 2001 2002 2003 2004
(Mil. €)
Chart 2Volume Of Auto ABS Transactions
Rated By Standard & Poor’s
Table 1: Transactions Originated by Captives
Issue date Originator Transaction name
Ford Motor Co.April 1999 FCE Bank PLC Globaldrive B.V., series B
November 2000 FCE Bank PLC Globaldrive (UK) PLC, series C
April 2002 FCE Bank PLC Globaldrive B.V., series D
December 2002 FCE Bank PLC Globaldrive B.V., series E
June 2003 FCE Bank PLC Globaldrive B.V., series F
Fiat SpAJuly 2000 Fiat SAVA* First Italian Auto Transaction SpA
July 2001 Fiat SAVA* Second Italian Auto Transaction SpA
October 2001 Fiat Bank GmbH Absolute Funding S.r.l.
July 2002 Fiat Credit Finance S.A., Tarcredit, Establecimiento Financiero de Credito S.A. European Auto Securitisation 2002 PLC
July 2003 IVECO Finanziaria First Italian Truck Securitisation (F.I.T.S.) S.r.l.
June 2004 Fiat SAVA* Asset-Backed European Securitisation Transaction S.r.l.
Volkswagen AGJanuary 2001 Volkswagen Leasing GmbH VCL No. 4 Ltd.
February 2002 Volkswagen Leasing GmbH VCL No. 5 Ltd.
December 2003 Volkswagen Leasing GmbH VCL No. 6 Ltd.
October 2004 Volkswagen Leasing GmbH VCL No. 7 Ltd.
Peugeot S.A.June 2001 Credipar Auto ABS Compartiment 2001-1
July 2002 Credipar, Banque PSA Finance Auto ABS Compartiment 2002-1
February 2004 PSA Finance Deutschland GmbH Auto ABS Compartiment 2004-1
Renault S.A.October 2002 DIAC S.A. Cars Alliance Funding PLC
October 2003 RNC SpA Cars Alliance Funding PLC 2003-1
November 2003 RNC SpA FCC Rome Alliance Funding
*In 2003, Fiat sold 51% of the parent company of Fiat SAVA to a consortium of Italian banks.
3European Structured Finance Report Q4 2004
Auto ABS Performance Report Issue 5 - March 2005
In 2004, non-captives increased their share oftotal notes outstanding to 29% from 17% in2003 (see chart 3). This reflected the arrival oftwo newcomers. Banco Bilbao Vizcaya Argentaria,S.A. and Fraikin Group both came to market withlarge transactions of €1 billion and €420 million,respectively. A third large transaction, GACCSecuritisation 2004-1, was originated by CC-Bank, a German subsidiary of Banco Santander,which first came to market in 2003.
Country wise, German transactions dominatedthe market in 2004 – three transactions brought tomarket nearly €3 billion in rated notes, or 50% ofthe total issuance. Because of this, the share ofGerman assets in the total European securitizedportfolio rose to 31% in 2004 from 23% in 2003(see chart 4).
Asset/Rating PerformanceTransaction performance has remained stable. Therewere no downgrades of rated notes in 2004. Twojunior tranches of seasoned transactions (GlobaldriveB.V. series B and VCL No. 5 Ltd.) were upgraded.The ratings on the series D notes issued by
Globaldrive were affirmed following breach of acollateral performance trigger.
In Standard & Poor's analysis, key indicatorsfor auto ABS transactions include:� Net loss rate;� Effective yield;� Prepayment rate; and� Delinquency rate.As performance indicators are calculated as
weighted averages, chart 5 shows the transactionweights in the calculations. The indicators areweighted by outstanding balances of theportfolios. Data from 31 transactions is used inthe calculations. Each of these indicators, exceptdelinquency rates, is calculated as an annualizedweighted average. New transactions are includedinto the calculations after six to 12 months,depending on the loss definition for a particulartransaction. For transactions that reportquarterly, the interim data points were linearlyextrapolated. The top 10 transactions accountfor 77.8% of the total.
Although all of the indicators are key inputs tothe ongoing surveillance analysis, caution should
Table 2: Transactions Originated by Non-captives
Issue date Transaction name Domicile of assets
Banco Mais S.A.May 1999 BMORE No. 1 Ltd Portugal
June 2000 BMORE No. 2 Ltd Portugal
June 2002 BMORE Finance No. 3 Portugal
June 2004 BMORE Finance No. 4 Portugal
Interbanco S.A.July 1999 Silk Finance No. 1 Ltd. Portugal
June 2003 Silk Finance No. 2 PLC Portugal
SocramJuly 2001 Titri Socram, compartiment TS1 France
June 2002 Titri Socram, compartiment TS2 France
March 2004 Titri Socram, compartiment TS3 France
Sofinloc GroupApril 1999 LTR Finance No. 1 Ltd. Portugal
March 2000 LTR Finance No. 2 PLC Portugal
November 2001 LTR Finance No. 3 Ltd. Portugal, Spain
December 2002 LTR Finance No. 4 Ltd. Portugal, Spain
June 2004 LTR Finance No. 5 PLC Portugal, Spain
Hispamer Servicios Financieros, Establecimiento Financiero de Credito, S.A.December 2002 Santander Consumer Finance Spain 02-1 Spain
CC-Bank AGMarch 2004 GACC Securitisation 2004-1 Germany
BPN Credito Instituicao Financeira de CreditoJune 2004 Chaves Funding No. 4 PLC Portugal
Porsche Bank AGNovember 2001 Fact-2001 Ltd. Austria
Fraikin GroupJuly 2004 FCC EuroTruck Lease France
Banco Bilbao Vizcaya Argentaria, S.A.October 2004 BBVA Autos 1 Fondo de Titulizacion de Activos Spain
4European Structured Finance Report Q4 2004
Auto ABS Performance Report Issue 5 - March 2005
Peugeot14.80%
Renault19.70%
Fiat16.20%
Ford9.97%
Volkswagen9.67%
Non-captive29.66%
Chart 3Issuance By Originator
France17.64%
Germany31.13%
Italy24.08%
Spain19.19%
Portugal7.26%
U.K.0.69%
Chart 4Domicile Of Assets Backing European Auto ABS
Transaction Weights
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Cars A
llianc
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3-1
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Santan
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Globald
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VCL No.
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Globald
rive D
Globald
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Auto ABS 2
001-1
Titri Soc
ram TS3
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Chart 5Share Of Auto ABS Issuance Outstanding
Transaction Weights(%)
5European Structured Finance Report Q4 2004
Auto ABS Performance Report Issue 5 - March 2005
be exercised in comparing the performance ofindividual transactions as well as in drawingconclusions. An additional careful review offurther transaction-specific features is needed forthis purpose, as each indicator does not tell thestory of the transaction's entire performance. Forexample, transactions with high levels of net lossesmay have other compensating factors such ashigher yield assets or lower prepayment rates.
Net Loss RateThe net loss rate is calculated as the annualizedaverage weighted by the outstanding amount of thecollateral at the end of the collection period. Fortransactions that report gross losses, proxies for netlosses are calculated as gross losses/defaults minusrecoveries to the extent that recoveries form part ofavailable collections. The net loss rate for EuropeanABS is shown in chart 6.
In 2004, the net loss rate had a decreasing trendover the year. The average loss rate for the yearwas 0.61% compared to 1.00% in 2003. In thefourth quarter, the average net loss rate fellfurther, to 0.48% compared with 0.54% in thethird quarter.
The individual net loss rates for European ABStransactions are shown in charts 7a, 7b, 7c, and 7d.
Prepayment RateThe prepayment rate is the amount of principal fullyprepaid during the collection period divided by thereceivables outstanding at the start of the period andannualized. As chart 8 shows, the prepayment ratecontinued a declining trend in 2004.
Although the rate edged up in the fourthquarter to an average of 12.20% from the10.53% average in the previous quarter, this rise
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BMORE No. 1 Silk Finance No. 1 LTR Finance No. 2
BMORE No. 2 LTR Finance No. 3 Net Loss Rate
Chart 7aNet Loss Rate By Transaction
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Net Loss Rate(%)
6European Structured Finance Report Q4 2004
Auto ABS Performance Report Issue 5 - March 2005
0.0
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Titri Socram TS2 Titri Socram TS3 Globaldrive D
VCL No. 6 GACC Net Loss Rate
Chart 7bNet Loss Rate By Transaction
0.00.51.01.52.02.53.03.54.04.55.0
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Auto ABS 2001-1 Cars Alliance
Auto ABS 2002-1 French Portfolio Auto ABS 2002-1 Spanish Portfolio
Cars Alliance 2003-1 Auto ABS 2004
Net Loss Rate
Chart 7cNet Loss Rate By Transaction
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Globaldrive (UK) C Second Italian
Absolute Funding Globaldrive E Spanish Portfolio
Globaldrive E Italian Portfolio First Italian
Net Loss Rate
Chart 7dNet Loss Rate By Transaction
7European Structured Finance Report Q4 2004
Auto ABS Performance Report Issue 5 - March 2005
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VCL No. 5 VCL No. 6 Globaldrive (UK) C
Auto ABS 2004 GACC Prepayment Rate
Chart 9aPrepayment Rate By Transaction
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Prepayment Rate
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Titri Socram TS2 Auto ABS 2002-1 Spanish Portfolio
Auto ABS 2002-1 French Portfolio Cars Alliance
Santander Consumer Titri Socram TS3
Prepayment Rate
Chart 9bPrepayment Rate By Transaction
8European Structured Finance Report Q4 2004
Auto ABS Performance Report Issue 5 - March 2005
was most marked at the start of the fourth quarterand flattened out in the second and third months.
From a rating perspective, a lower prepaymentrate is beneficial for securitizations, as higheryielding assets remain in securitized portfolios,preventing a decrease in the level of the availablecash spread. The prepayment rate for individualtransactions is shown in charts 9a, 9b, and 9c.
Effective YieldThe effective yield is worked out by dividing interestpayments received during the collection period by thereceivables outstanding at the start of the collectionperiod and annualizing the figure obtained. Theweighted-average yield for auto ABS transactions isshown in chart 10 while a breakdown of the effectiveyields for individual transactions is shown in charts11a to 11d.
The trend of a gradual decrease in effective yieldalso continued over 2004. The transactions thatclosed in 2004 are backed by assets with a lower
asset yield, and their addition to calculationscontributes to the trend.
As the performance charts show, in the fourthquarter the effective yield declined further to 8%.This compares with a 9% average yield in thefourth quarter of 2003.
Generally, the effective yield for auto ABS tendsto be lower than for other consumer ABS such asunsecured loans and credit cards, reflecting thelower risk associated with these loans.
Delinquency RateThe delinquency rate is the total principal amount ofthe assets for which one or more payments were notreceived during the collection period divided byreceivables outstanding at the end of the collectionperiod. Delinquency rates for 30-60 days, 60-90days, and 90-120 days are shown in chart 12.
Delinquencies are a negative attribute to thetransaction as they reduce the amount of availablecash flow. To avoid significant deterioration in
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(%)First Italian Second Italian Absolute Funding
Auto ABS 2001-1 Cars Alliance 2003-1 Prepayment Rate
Chart 9cPrepayment Rate By Transaction
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Effective Yield(%)
9European Structured Finance Report Q4 2004
Auto ABS Performance Report Issue 5 - March 2005
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Auto ABS 2001-1 BMORE No. 3 LTR Finance No. 3
Globaldrive D Auto ABS 2004 Effective Yield
Chart 11bEffective Yield By Transaction
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Second Italian Auto ABS 2002-1 Spanish Portfolio
Auto ABS 2002-1 French Portfolio Cars Alliance
Globaldrive E Italian Portfolio Effective Yield
Chart 11cEffective Yield By Transaction
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(%)GACC BMORE No. 1 Silk Finance No. 1
LTR Finance No. 2 BMORE No. 2 Effective Yield
Chart 11aEffective Yield By Transaction
10European Structured Finance Report Q4 2004
Auto ABS Performance Report Issue 5 - March 2005
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Chart 12Delinquency Rates
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BMORE No. 1 Silk Finance No. 1 LTR Finance No. 2
BMORE No. 2 LTR Finance No. 3 Delinquency Rate
Chart 13aDelinquencies (90-120 Days) By Transaction
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Globaldrive E Spanish Portfolio LTR Finance No. 4
Santander Consumer Globaldrive F
Silk Finance No. 2 Effective Yield
Chart 11dEffective Yield By Transaction
11European Structured Finance Report Q4 2004
Auto ABS Performance Report Issue 5 - March 2005
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Auto ABS 2001-1 Titri Socram TS2
Auto ABS 2002-1 Spanish Portfolio Auto ABS 2002-1 French Portfolio
LTR Finance No. 4 Delinquency Rate
Chart 13cDelinquencies (90-120 Days) By Transaction
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Globaldrive E Spanish Portfolio Globaldrive E Italian Portfolio
Santander Consumer Globaldrive F
Slik Finance No. 2 Delinquency Rate
Chart 13dDelinquencies (90-120 Days) By Transaction
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Globaldrive D BMORE No. 3 Globaldrive (UK) C
Auto ABS 2004 VCL No. 6 Titri Socram TS3
Delinquency Rate
Chart 13bDelinquencies (90-120 Days) By Transaction
12European Structured Finance Report Q4 2004
Auto ABS Performance Report Issue 5 - March 2005
cash flows, most auto ABS transactionsincorporate performance-related triggers based onactual delinquency levels. Individual 90-120 daydelinquency rates for auto ABS transactions areshown in charts 13a, 13b, 13c, and 13d.
OutlookAs expected, the almost 50% increase in Europeanauto ABS transaction volume in 2004 occurredbecause of the activity of repeat issuers, the mostactive of whom were Volkswagen, Peugeot, and Fiat.Transaction volume in 2005 is expected to be similarand the activity of repeat issuers will be importantfor the market's sustained growth. Renault hasalready come to market in January 2005 (FCCAlliance DFP France) with the first Europeansecuritization of dealer inventory financing(floorplan). We expect other captives to follow suit in2005. Further developments of the German true saleinitiative may also boost the issuance of notes backedby auto loans and leases in Germany. �
13European Structured Finance Report Q4 2004
Auto ABS Performance Report Issue 5 - March 2005
Table 3: European Auto ABS Issuance
Issue date Originator Issuer Total Currency Ratings on all Assets Domicile issuance classes at issuance of assets
December 1998 Chartered Trust PLC Cardiff Automobile 400.0 GBP AAA, A+, BBB Auto loans U.K.Receivables Securitisation UK (No. 4)
April 1999 FCE Bank PLC Globaldrive B.V., series B 511.3 EUR AAA, A Auto loans Germany
June 1999 General Guarantee Finance Ltd. Automobile Receivables 400.0 GBP AAA, A Auto loans U.K.Transaction (No. 1) PLC
April 1999 Sofinloc S.A. LTR Finance No. 1 Ltd. 213.1 EUR AA, A Auto loans, leases, Portugallong-term rental contracts
May 1999 Banco Mais S.A. BMORE No. 1 Ltd. 150.0 EUR AAA, AA, A Auto loans, leases, Portugallong-term rental contracts
May 1999 Volkswagen Leasing GmbH VCL No. 3 Ltd. 500.0 EUR AAA, A+ Auto leases Germany
July 1999 Interbanco S.A., Multirent S.A Silk Finance No. 1 Ltd. 100.0 EUR AAA, A Auto loans, long-term Portugalrental contracts
December 1999 Benton Finance Ltd. Car Loan Asset Securitisation No. 1 PLC 41.0 GBP AAA, BBB Auto loans U.K.
March 2000 Sofinloc S.A., Sofivenda S.A. LTR Finance No. 2 PLC 100.0 EUR AAA, A Auto loans, leases, Portugallong-term rental contracts
June 2000 Banco Mais S.A. BMORE No. 2 Ltd. 150.0 EUR AAA, A Auto loans, long-term Portugalrental contracts
July 2000 Fiat SAVA SpA First Italian Auto Transaction SpA 1,084.0 EUR AAA, N.R. Auto loans Italy
November 2000 FCE Bank PLC Globaldrive (UK) PLC, series C 250.0 GBP AAA, A Auto loans U.K.
January 2001 Volkswagen Leasing GmbH VCL No. 4 Ltd. 750.0 EUR AAA, A Auto leases Germany
June 2001 Credipar Auto ABS Compartiment 2001-1 1,000.0 EUR AAA, A, N.R. Auto loans France
July 2001 Socram Titri Socram, compartiment TS1 192.0 EUR AAA, N.R. Auto loans France
July 2001 Fiat SAVA SpA Second Italian Auto Transaction SpA 950.0 EUR AAA, N.R. Auto loans Italy
October 2001 Fiat Bank GmbH Absolute Funding S.r.l. 850.0 EUR AAA, N.R. Auto loans Germany
November 2001 Porsche Bank AG Fact-2001 Ltd. 400.0 EUR AAA, A Auto loans and leases Austria
November 2001 Sofinloc S.A., Sofivenda S.A., Banco Esfinge LTR Finance No. 3 Ltd. 202.0 EUR AAA, A Auto loans, leases, Portugal, long-term rental contracts Spain
February 2002 Volkswagen Leasing GmbH VCL No. 5 Ltd. 1,000.0 EUR AAA, A Auto leases Germany
April 2002 FCE Bank PLC Globaldrive B.V., series D 800.0 EUR AAA, A Auto loans Germany
June 2002 Banco Mais S.A. BMORE Finance No. 3 PLC 100.0 EUR AAA, A, BBB Auto loans, leases, Portugallong-term rental contracts
June 2002 Socram Titri Socram, compartiment TS2 300.0 EUR AAA, N.R. Auto loans France
September 2002 Banco Mais S.A. BMORE Finance No. 3 PLC (tap issue) 50.0 EUR AAA, A, BBB Auto loans, leases, Portugallong-term rental contracts
July 2002 Credipar, Banque PSA Finance Auto ABS Compartiment 2002-1 1,500.0 EUR AAA, A Auto loans France/Spain
July 2002 Fiat Credit Finance S.A., Tarcredit, European Auto 833.3 EUR AAA, A, N.R. Auto loans France/SpainEstablecimiento Financiero de Credito S.A. Securitisation 2002 PLC
October 2002 DIAC S.A. Cars Alliance Funding PLC 1,400.0 EUR AAA, A Auto loans France
December 2002 Sofinloc Group LTR Finance No. 4 Ltd. 191.0 EUR AAA, AA, A, BBB Auto loans, leases, Portugal,long-term rental contracts Spain
December 2002 FCE Bank PLC Globaldrive B.V., series E 733.0 EUR AAA, A Auto loans Italy/Spain
December 2002 Hispamer Servicios Financieros, Santander Consumer Finance 850.0 EUR AAA, A Auto loans SpainEstablecimiento Financiero de Credito, S.A. Spain 02-1, Fondo de
Titulizacion de Activos
June 2003 Banco Mais S.A. BMORE Finance No. 3 PLC (tap issue) 70.0 EUR AAA, A, BBB Auto loans, leases, Portugallong-term rental contracts
14European Structured Finance Report Q4 2004
Auto ABS Performance Report Issue 5 - March 2005
European Auto ABS Issuance
Issue date Originator Issuer Total Currency Ratings on all Assets Domicile issuance classes at issuance of assets
June 2003 Interbanco S.A. Silk Finance No. 2 PLC 263.7 EUR AAA, AA-, BBB Auto loans and leases Portugal
June 2003 FCE Bank PLC Globaldrive B.V., series F 350.0 EUR AAA, A Auto loans Germany
July 2003 IVECO Finanziaria First Italian Truck Securitisation (F.I.T.S) S.r.l. 315.7 EUR AAA Auto loans and leases Italy
October 2003 RNC SpA Cars Alliance Funding PLC, series 2003-1 1,100.0 EUR AAA, A Auto loans Italy
November 2003 RNC SpA FCC Rome Alliance Funding 240.8 EUR AAA Auto loans Italy
December 2003 Volkswagen Leasing GmbH VCL No. 6 Ltd. 1,000.0 EUR AAA, A+ Auto leases Germany
February 2004 PSA Finance Deutschland Auto ABS Compartiment 2004-1 1,000.0 EUR AAA, A Auto loans Germany
March 2004 Socram Titri Socram, compartiment TS3 350.0 EUR AAA, BBB Auto loans France
March 2004 CC-Bank GACC Securitisation 2004-1 1,018.0 EUR AAA, A+, BBB- Auto loans Germany
June 2004 Sofinloc Group LTR Finance No. 5 PLC 214.4 EUR AAA, AA, A, BBB Auto loans, leases, Portugal,long-term rental contracts Spain
June 2004 Fiat SAVA Asset-backed European 728.0 EUR AAA, A+, BBB Auto loans ItalySecuritisation Transaction S.r.l.
June 2004 BPN Credito Instituicao Chaves Funding No. 4 PLC 185.6 EUR AAA, AA, A, BBB Auto loans, leases, PortugalFinanceira de Credito long-term rental contracts
June 2004 Banco Mais S.A. BMORE Finance No. 4 PLC 136.25 EUR AAA, AA, A, BBB Auto loans, leases, Portugallong-term rental contracts
July 2004 Fraikin Group FCC EuroTruck Lease 420.0 EUR AAA, BBB Auto leases France
October 2004 Volkswagen Leasing GmbH VCL No. 7 Ltd. 998.75 EUR AAA, A+ Auto leases Germany
October 2004 Banco Bilbao Vizcaya Argentaria, S.A. BBVA Autos 1 Fondo de 1,000.0 EUR AAA, AA, A Auto loans SpainTitulizacion de Activos
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