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.