Cuatrecasas advises ING on setting up €15 billion securitization fund

Cuatrecasas advised ING Bank N.V. Spain branch and ING Bank N.V. on setting up the SOL LION II RMBS, FT securitization fund for €14,056,500,000. It is made up of residential mortgage-backed securities (“RMBS”), and qualifies as a simple, transparent and standardized (“STS”) securitization under the EU Securitization Regulation. The transaction is the highest amount of its kind recorded to date in Spain.

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

The Cuatrecasas advisory team on this transaction was made up of lawyers from the Finance Practice, Jaime de la Torre and Miguel Cruz; from the Tax Practice, Rebeca Rodríguez, Lucía Arranz and Lucía Millán; and the Intellectual Property Practice, Alejandro Negro and Adaya Esteban.