Residential mortgage-backed securities (RMBS) are a debt-based security (similar to a bond), backed by the interest paid on loans for residences.
Miravet 2023 is a static RMBS transaction. The preliminary pool comprises more than 3,500 loan parts originated by Abanca, Banco Etchevarria, Bankoa, Caixa Galicia, Caixa Geral, Caixa Nova, and Crediter. The assets are primarily first-ranking loans secured against
properties in Spain. The portfolio is concentrated in Galicia, where around 39 % of the portfolio’s property valuations are located. The portfolio also contains around 52% restructured loans and 46% that have been restructured before 2018. At the same time, around 45% of the portfolio is currently at least one day in arrears.
HSBC Continental Europe acts as Arranger and Lead Manager, with the fund backed by martgage participations and mortgage transfer certificates issued by Abanca Corporación Bancaria and managed by Intermoney. The Seller and Subordinated Loan Provider is Ribeira Holdings and Santander is the Paying Agent.
The fund includes A, B, C, D, E, F, R, X and Z notes. The total amount of the Notes issued is €310,500,000), represented by 3,105 Notes each with a nominal value of €100,000.
S&P and KRBA were the rating agencies.
The Clifford Chance team that advised KRBA on the rating was led by Madrid Global Financial Markets partner José Manuel Cuenca and senior associate Leonardo Fernández. Roberto Grau, Tax, Pensions and Employment counsel in Madrid, led the advice on Tax matters.
Allen & Overy acted as legal adviser to the Arranger and the Lead Manager, while Freshfields acted as legal adviser of the Seller with respect to the structure of the Transaction.
Allen & Overy advised HSBC Conteniental Europe as Arranger and Lead Manager with a team made up of partner Jimena Urretavizcaya, counsel Alfonso Gutiérrez, and associates Juan Luis Llatas and Pelayo González.
