UCI revives structured Cédulas with SPV
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Covered Bonds

UCI revives structured Cédulas with SPV

Spain FA 230

The Spanish non-bank mortgage lender Unión de Créditos Inmobiliarios (UCI) is set to issue an unusual structured covered bond through a special purpose vehicle. The transaction works a little like legacy multi-Cédulas deals, benefiting from a liquidity facility that allows for a soft bullet extension.

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