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.