Bank of Cyprus Closes Securitization of Mortgage Loans

May 22, 2009, 11:40 a.m. EDT 1 Min Read

The Bank of Cyprus Group completed the securitization of a mortgage loan portfolio in Greece.

This is the first securitization of a bank incorporated outside Greece using Greek assets, and the objective is to enhance further the groups liquidity ratios.

The RMBS, which totaled to 1 billion ($1.39 billion), have been issued by Katoikia I Mortgage Finance Plc, a special purpose entity registered in the U.K., and have been listed on the Luxembourg Stock Exchange.

The class A notes, rated 'Aaa' by Moodys Investors Service, amounted to 886.6 million. The class B notes, which were unrated, totaled to 113.4 million.

The securitization has been arranged by Barclays Capital.

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