BPE structures unsecured SME loan CDO

By Tom Porter
24 Mar 2015

Banco Popular Espanol has structured a two tranche €3bn securitization of unsecured Spanish SME loans, as public ABS supply from Spain remains elusive.

IM Grupo Banco Popular Empresas VI is a securitization of 45,040 loans extended by Banco Popular Espanol and Banco Pastor to small and medium-sized enterprises (SMEs) and self-employed individuals in Spain, which are all unsecured, according to ratings note from Moody’s.

Moody’s has provisionally rated €2.34bn of Class ...

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