Largest RMBS securitization fund registered in Spain to date

We advised ING Bank on establishing a securitization fund, assigning credit rights arising from mortgages (residential mortgage-backed securities) and on issuing securitized bonds worth €14,056 billion.

ING Bank Sucursal en España and ING Bank, N.V. registered a prospectus with the Spanish Securities and Exchange Commission regarding the SOL LIION II RMBS securitization fund, a fund made up of residential mortgages (RMBS), considered STS (simple, transparent and standardised) under the EU regulations on securitization, for the value of €14,056 billion. This is the largest transaction of its kind to be registered in Spain to date.

The fund’s securitized bonds may be used as collateral with the European Central Bank. It is the first first open-end revolving assets and open-end liabilities RMBS fund, meaning that the number of bonds issued can be increased up to a maximum of €15.75 billion.

Specialties

It was important not only due to the large amount but due to the innovation in that it is the first open-end revolving assets and open-end liabilities RMBS fund.

Jaime de la Torre, 2020