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Thursday, November 30, 2023

Cuatrecasas advises Andbank on the first residential mortgage securitisation programme in Spain

The prospectus for this programme, known as "IM Andbank RMBS 1", was registered with the Spanish National Securities Market Commission (CNMV), with a maximum issue amount of €313,500,000

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The IM Andbank RMBS 1 programme has a revolving period to group additional credits in the fund, as well as to issue additional bonds. This revolving nature in a portfolio of residential mortgages marks a major milestone in the history of securitisation in Spain. This mechanism will allow Andbank a window of time to securitise additional assets under the programme in question.

The bond issue comprises a total of four classes (A, B, C and Z) that can be placed by Intermoney Valores and Andbank España. The bonds have been rated by the credit rating agencies, DBRS Morningstar and Moody’s. This securitisation is intended to be rated as simple, transparent and standardised (STS) under the European Securitisation Regulation, and has been verified by Prime Collateralised Securities (PCS).

The team involved in the transaction was made up of Cuatrecasas Barcelona office Finance partner Beatriz Causapé, Madrid office Finance and Capital Markets partner Jaime de la Torre, Finance senior associate Tania Esteban (Madrid), and associates Arnau Pastor (Barcelona), Jaime Juan Rodríguez (Madrid), Alfonso Peña (Madrid), Gonzalo Terceño (Madrid) and Jerónimo Poza (Madrid).

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