The Grupo Caja Rural (Rural Savings Banks Group) originate their first RMBS under the new European securitization regulations

On Thursday, June 18, the CNMV (National Securities Market Commission) received the eighteenth securitization fund from the Grupo Caja Rural (Rural Savings Banks Group), granting the Deed of Incorporation and Bond Issuance the following day. The issued amounted to 404 million euros, structured into two tranches of bonds, the senior series rated by DBRS and S&P with an AA (sf) rating. The underlying is made up of mortgage-backed loans granted to individuals for the construction, acquisition or rehabilitation of homes.

Four entities of the Grupo Caja Rurales (Rural Savings Banks Group), led by the Banco Cooperativo Español, return to a multi-cedant structure after six years since the previous one, Rural Hipotecario XVII FTA, in which the same number of entities also participated. This is, on the other hand, its first fund under the new European securitization framework R(EU) 2017/2402, in force since January 1, 2019 and under the new prospectus regulation pursuant to R(EU) 2017 / 1129, effective from July 2019.

Europea de Titulización, S.A., S.G.F.T. originates, in the same week, the second FT after the COVID-19 outbreak, corroborating the commitment to deadlines and to the needs of our clients in these circumstances that, without a doubt, have represented a notable challenge for all teams, including the Originating Entities and the Lead Entity.

Europea de Titulización, S.A., S.G.F.T.

July 2020

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