CaixaBank takes on multi-role SME securitization

CaixaBank is planning to issue a self-arranged €1.83bn securitization of small and medium sized enterprise ABS notes, made up of lease receivables.

  • By Tom Brown
  • 19 Jun 2019
CaixaBank is occupying almost every role in the transaction including originator, servicer, seller, issuer, originator, cash manager, underwriter and trustee. Moody’s highlighted this as a concern in its provisional ratings report, alongside other issues including: 10.7% exposure to real estate developers, no interest rate hedge mechanism being in ...

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1 Citi 4,347 16 16.63
2 BNP Paribas 2,866 11 10.96
3 Morgan Stanley 2,420 6 9.26
4 Goldman Sachs 2,276 6 8.71
5 Bank of America Merrill Lynch (BAML) 2,086 9 7.98

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4 Bank of America Merrill Lynch 41,491.72 136 7.47%
5 Credit Suisse 38,293.55 120 6.90%