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Related Issuers
Abanca Corporacion Bancaria, S.A. - Mortgage Covered Bonds
AyT 7 Promociones Inmobiliarias I, FTA
AyT Colaterales Global Hipotecario Caja Cantabria I
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AyT HIPOTECARIO BBK I, FTA
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AyT HIPOTECARIO MIXTO II, FTA
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BANCAJA 6, FTA
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HIPOCAT 7, FTA
HIPOCAT 8, FTA
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IM CAJAMAR 3, FTA
IM CAJAMAR 4, FTA
IM CAJAMAR 5, FTA
IM CAJAMAR 6, FTA
IM Cajastur MBS 1, Fondo de Titulización de Activos
IM EVO RMBS 1, FT
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IM PASTOR 3, FTH
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MBS BANCAJA 3, FTA
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RURAL HIPOTECARIO VI, FTA
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TDA IBERCAJA 7, FTA
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Announcement:

Moody's: Spanish mortgage securitisation volumes starving covered bonds of collateral

15 Mar 2016

Madrid, March 15, 2016 -- The high volume of Spanish mortgage securitisation has reduced the amount of collateral for Spanish covered bonds ("cédulas hipotecarias"), which is negative for covered bondholders, says Moody's Investors Service.

"The level of over-collateralization (OC) in Spanish cédulas hipotecarias remains the highest in Europe, at 150% on a weighted-average basis. Therefore, the negative impact on covered bondholders is limited. Moreover, the quality of cover pools is also improving, further limiting the negative impact" says Tomas Rodriguez-Vigil Lead Analyst at Moody's.

"Spanish originators have issued €43 billion worth of residential mortgage-backed securities since 2013, including Spain's largest-ever securitised mortgage deal that Caixabank issued in February 2016", observes Alberto Barbáchano, an Vice President and Senior Credit Officer at Moody's.

Moody's report, entitled "Excess Mortgage Collateral Fosters RMBS Securitisation, Reducing Covered Bonds Collateral", is available on www.moodys.com. The rating agency's report does not constitute a rating action.

The large volume of RMBS securitization in Spain reflects the fact that many mortgages have become "ineligible" for the purpose of issuing covered bonds after some Spanish banks voluntary revalued the properties backing mortgages to reflect house price declines. We expect that some Spanish banks will continue to look for opportunities to raise funds through RMBS securitisations over 2016, adding to the high volume of deals over the last few years.

Subscribers can access the report at: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_1017984

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: London +44-20-7772-5456, New York +1-212-553-0376, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Tomas Rodriguez-Vigil
Analyst
Structured Finance Group
Moody's Investors Service Espana, S.A.
Calle Principe de Vergara, 131, 6 Planta
Madrid 28002
Spain
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Juan Pablo Soriano
MD - Structured Finance
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Espana, S.A.
Calle Principe de Vergara, 131, 6 Planta
Madrid 28002
Spain
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's: Spanish mortgage securitisation volumes starving covered bonds of collateral
No Related Data.
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