BBVA RMBS 5 FTA

Although the first RMBS transaction from originator BBVA this year, they have already visited the
market twice in 2008, with a CLO/SME transaction (BBVA-7 FTGENCAT FTA) and a Consumer
loan deal (BBVA Consumo 3 FTA).

The collateral comprises 31,297 first-ranking mortgage loans secured over residential owner-
occupied properties in Spain. Balloon loans represent 26.46% of the outstanding balance and 14.51%
of the pool is granted to self-employed borrowers. Also, 95.82% of the pool has the option of defer
installments (there is a limit of two deferrals a year and 10 during the whole life of the loan, and they
can occur only when the LTV ratio for first residences is less than 80%). All the loans are performing,
meaning than none are in arrears of more than 30 days.

All of the loans granted are linked to floating rates of interest, with the average outstanding loan size
being Eur174,835 and WA seasoning of 14.4mnths. The current WA LTV is 82.87%. Regional concen-
tration: Catalonia 22.26% of principal amount, Andalucia 18.61%, Valancia 13.95%, and Madrid 11.73%.


Compare/contrast: BBVA RMBS 4, Bancaja 12, MBS Bancaja 5 FTA.
BBVA RMBS 4 FTABancaja 12MBS Bancaja 5 FTA