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Rural Hipotecario XIX: 24 June 2020

After an 18 month absence, another static cash securitisation of first-ranking prime mortgages granted to Spanish individuals via the Rural Hipotecario securitisation vehicles. On this occasion, the originators are Caja Rural de Aragon (23.6%), Caja Rural Central (11.3%), Caja Rural de Zamora (29.9%) and Cajasiete, Caja Rural (35.2%).

Eligibility criteria (includes): each mortgage is denominated in euros; all borrowers are Spanish residents; each mortgage constitutes a valid first charge by way of legal mortgage in Spain; each mortgage constitutes a first legal mortgage or a first-ranking standard security; each mortgage has been originated under the name of Bantierra; no loan has been restructured or renegotiated because of a situation of loan in arrears.

As at the cut-off date (19 May 2020) the provisional pool consists of 6,176 loans advanced to 6,133 borrowers, where the average loan size per borrower is Eur78,320 and the top 10 borrowers account for just 0.90% of current balances. Self-employed borrowers account for 22.86% of the pool. Borrower type: owner-occupied – 91.00%, non-owner occupied – 9.00%. Interest rate type: variable – 98.00%, fixed – 2.00%. The WA current LTV is 63.60% and the WA seasoning is 4.91 years. Regional concentration: Canary Islands - 34.82%, Castilla-Leon - 26.74% and Aragon – 20.67%.

Compare/contrast: Rural Hipotecario XVIII, IM BCC Cajamar 2