Cuatrecasas advises Unión de Créditos Inmobiliarios (UCI) on the securitization transaction “RMBS PRADO X” (€565 million)
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SubscribeCuatrecasas has advised Unión de Créditos Inmobiliarios (UCI) on the securitization transaction “RMBS PRADO X,” the registration of the offering memorandum, and the incorporation of the securitization fund for €565 million.
This transaction will enable UCI to offer new mortgage loans to individuals so they can acquire homes and refurbish buildings. This securitization has qualified as “simple, transparent and standardized” (STS) under the European Securitization Regulation, and the interest rate risk is protected under a financing interest rate hedge (ISDA, subject to English law).
The prospectus was registered with the Spanish Securities and Exchange Commission (CNMV) on March 24, 2022. Also, Banco Santander (Corporate & Investment Banking) and BNP Paribas act as placement entities.
The team involved in the transaction was led by Cuatrecasas lawyers Miguel Cruz, Jaime Juan Rodríguez and Jerónimo Poza.
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