Scope Ratings publishes the rating report for CaixaBank Consumo 3, FT., a static securitisation of amortising consumer loans originated and serviced by CaixaBank. The report contains Scope´s credit analysis regarding the rating assigned to the Serie A and Serie B notes, as well as important regulatory disclosures.

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The transaction is a EUR 2,450m static securitisation of amortising consumer loans originated and serviced by CaixaBank. This is the bank’s third post-crisis securitisation of consumer loans and the third CaixaBank securitisation publicly rated by Scope. The securitisation portfolio comprises mainly unsecured, general-purpose consumer loans (81.4%), as well as consumer loans backed by first- or second-lien mortgages (18.6%).
The capital structure consists of two classes of strictly sequential subordinated notes –Serie A and Serie B – and a subordinated loan, provided by CaixaBank at closing, which supplies cash for a reserve fund. The notes will pay a quarterly variable rate.