CarVal preps Spanish RMBS with Catalonia concentration

By Tom Brown
15 Nov 2019

CarVal Investors is sponsoring Miravet 2019-1, a Spanish RMBS backed by legacy mortgage collateral formerly securitized in the Blackstone-sponsored SRF transactions. Barclays is holding the risk retention for the issue, though NatWest Markets is sole arranger.

The mortgages were bought by CarVal from Blackstone, with 68% of the loans previously backing Blackstone-sponsored securitizations. Barclays Bank is holding a 5% risk retention, taking 100% of the class ‘X’ tranche in the deal and acting as lead managers alongside NatWest Markets, the sole arranger.

The portfolio ...

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