Caja de Ahorros de Valencia, Castellón y Alicante (Bancaja) will come to market with a E1 billion residential mortgage-backed securitization, set to launch later this month. The bank has mandated Dresdner Kleinwort Wasserstein as sole lead manager, according to London-based bankers. The deal will be Bancaja's second RMBS transaction this year (BW, 8/4). In an interesting twist, market players say the last deal was sold to a single investor and as such, the upcoming deal is going to be the first time investors have access to Bancaja RMBS paper. Bancaja is Spain's seventh largest bank.
Spanish RMBS Deal Under Construction