Brazil's Banco BBA Creditanstalt priced a 12-year deal backed by real estate receivables worth R$105.9 million (US$33.9 million) at the IGPM price index plus 12.5%, said a source familiar with the deal. The trust was Walter Torre PIC Companhia Securitizadora de Creditos Imobiliarios (Walter Torre PIC).
The assets are credits, rights and residual compensation amounts stemming from a lease agreement between Volkswagen Brazil (VWB) and Walter Torre Ltd. As part of the deal, Walter Torre Ltd. sold its credit rights to the lease payments to Walter Torre PIC. Standard & Poor's gave the deal an A' on the national scale. Certificate holders will receive monthly interest and principal payments tied to the lease payments.