The Prado I RMBS fund will issue securities valued at €342 million backed by UCI mortgage loans

Unión de Creditos Inmobiliarios (UCI), is the first Spanish credit institution to participate in a mortgage-backed securitization placed on the market after eight years of deadlock.

Banco Santander and BNP Paribas, UCI’s joint shareholders, will place the senior bonds issued by the Prados I RMBS fund on the market, with a final maturity date of 2055. The fund’s portfolio is valued at €450 million.

Cuatrecasas, Goncalves Pereira has advised UCI and Santander de Titulización on setting up the Prado I RMBS fund through its Financial and Tax Practices.