Caja Rural Group incorporates its new RMBS and becomes the first Spanish multi-cedent securitisation fund to achieve STS label

On April 23, 2024, the National Securities Market Commission registered a new securitization fund of the Caja Rural Group, granting the Deed of Incorporation and Bond Issuance the following day. The issue amounted to €650mill structured in two tranches of bonds with ratings of AA for the Senior Series, with a credit enhancement of 13%, and BBB (high) and AA for the Junior Series, granted by DBRS and S&P respectively. The underlying assets is made up of first-lien mortgage-backed loans granted to resident individuals for the acquisition, construction, or refurbishment of housing.

The five seller entities (Caja Rural de Aragón, Caja Rural de Gijón, Caja Rural de Zamora, Caja Rural de Extremadura and Cajasiete, Caja Rural) led by Banco Cooperativo Español, return to the market after four years since the previous Rural Hipotecario XIX FT.

The Fund marks a milestone in the Spanish securitisation market by becoming the first securitisation fund with a multi-cedent structure to achieve Standardised, Simple and Transparent (STS) status under the new European securitisation framework R(EU)2017/2402 of the Parliament and of the Council.

We would like to acknowledge the professionalism and support received from the Lead Manager and the Seller Entities, as well as the invaluable work of the Legal Advisors (Garrigues), Auditors (Deloitte), Financial Agent (Société Générale), Repository (EDWH) and the third-party STS verifier (SVI), whose joint work has enabled EdT to register with the CNMV the second public securitisation so far this year.

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

April 2024

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