Santander pre-places €2.2bn risk-transfer SME deal with EIB

EIB 230x150
By Tom Brown
01 Oct 2020

The European Investment Bank has taken down a €2.2bn synthetic balance sheet CLO originated by Santander CIB, executing a significant risk transfer to free up exposure to a Spanish SME portfolio.

Santander CIB constructed the deal, called Pymes Magdalena Four, comprising two credit linked notes of €55m and €143m. The 2.61 year €1.969m senior tranche with credit enhancement of 10.5% was retained by the bank, alongside a 9.95-year €33m first-loss tranche.

The €55m senior mezzanine tranche with 8% credit ...

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