The bust of Spain's construction boom has left some deep scars on the country's economy. To be sure, the crash has been a prime ingredient of the stubbornly high unemployment rate - currently at 21% - as well as of the mountain of troubled assets held by the country's savings banks, known as cajas.

Predictably, the RMBS sector suffered in tandem. Public issuance has been nonexistent since 2008, origination has tanked, downgrades have been widespread and collateral is widely expected to deteriorate.

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