CaixaBank takes on multi-role SME securitization

CaixaBank
By Tom Brown
19 Jun 2019

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

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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