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IM BCC Capital 1: 18 December 2018


A securitisation backed by credit rights deriving from loans granted to small and medium-sized businesses and self-employed individuals resident in Spain by Cajamar Caja Rural.

The preliminary portfolio (as at 11 November 2018) consists of 27,275 loans, where the average loan balance is Eur41,160 and the largest is for Eur4.240mln. Amortization type (by current balances): constant amortization – 95.8%, French Linear – 4.2%. Loan status (by current balances): unsecured (personal guarantee) – 71.52%, secured (mortgage loans) – 28.48%. Reference rate type: mixed – 37.7%, fixed – 31.6%, floating – 30.8%. The LTV (in relation to the mortgage loans) is 53.66%. The overall WA seasoning is 30 months. Regional distribution: Andalucia – 38.8%, Valencia – 18.6%, Murcia – 17.4% and Castilla Leon – 11.3%.

EU Risk Retention: The originator, as originator for purposes of the CRR, will retain, on an ongoing basis, a material net economic interest of randomly selected exposures equivalent to no less than 5% of the nominal value of the securitised exposures.

US Risk Retention: The transaction will not involve the retention by a securitizer of at least 5% of the credit risk, but rather will be made in reliance on a safe harbour provided for in Section 20 of the US Risk Retention rules regarding non-US transactions.