Davis Polk advised Banco Bilbao Vizcaya Argentaria, S.A. on the offering of asset-backed notes with an aggregate face value amount of approximately €1.1 billion issued by BBVA Consumer Auto 2020-1 Fondo de Titulización. The notes were offered solely outside the United States in reliance on Regulation S under the U.S. Securities Act of 1933, as amended, and will be traded on the AIAF Mercado de Renta Fija.

The BBVA Group is a highly diversified international financial group, with strengths in the traditional banking businesses of retail banking, asset management and wholesale banking. The BBVA Group operates in Spain, Mexico, Turkey, the United States and over 30 other countries, mainly in Europe, Latin America and Asia.

The Davis Polk corporate team included partner Michael J. Willisch and counsel Ester del Valle Izquierdo. Partner Gregory S. Rowland, counsel Sarah E. Kim and associate J. Taylor Arabian provided 1940 Act advice. Counsel Christopher M. Paridon provided Volcker Rule advice. Members of the Davis Polk team are based in the Madrid, New York and Washington DC offices.

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