UCI revives structured Cédulas with SPV

Spain FA 230
By Bill Thornhill
31 Jul 2019

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.

UCI is expected to issue a €500m five year structured covered bond from its newly set up €1.5bn programme, rated A by Fitch.

The bonds are unlikely to be publicly distributed and are instead expected to be retained for accessing repo funding with the European Central Bank, according ...

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