Union de Creditos Inmobiliarios (UCI) is planning what will be the first investor-placed Spanish residential mortgage securitization since BBVAR 3 in July 2007.

The transaction, dubbed Prado I, features mortgages with low original loan-to-value ratios that were originated after the 2008/2009 financial crisis. The trust will issue €342 million ($372 million) of class A notes rated ‘AA’ by Standard & Poor’s that benefit from 24% credit enhancement. There is also a €108 million of unrated, subordinate notes. All of the notes are due June 2055.

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