Things are brewing in Portugal. Banco Comercial Portugues S.A. (BCP) has launched its second deal this month, Nova Finance 2 - a 366 million consumer loans securitization.

The deal is backed by a pool of receivables related to consumer-finance loan contracts originated by Nova Rede, an origination channel of BCP. According to Standard & Poor's there deal has a credit support for the note holders which is provided by significant excess spread, the subordination of junior classes, and the cash reserve fund that will build to 4%.

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