'Cédulas Tda5'

Cédulas hipotecarias is the term for Spanish covered bonds in the mortgage arena.  This is a good example of a multi-issuer road show presentation, in this case from Spain’s Caja Madrid.   Among other things, it shows the joint covered bond structure deployed for the Tda5 issuance by nine Spanish financial institutions, each of which overcollateralized the bonds against its entire individual mortgage portfolio.

In order to download the PDF, you need first to visit the Caja Madrid homepage, then click on “Cédulas TdaV.”  To reach the Caja Madrid homepage, click here.

Note: Coincidentally, the Tda5 issuance happens to be the one for which a counterparty later made (minor) covered bond history when Banque AIG breached a Moody’s ratings trigger in its role as liquidity facility provider.  To read a Covered Bond Investor posting on this, click here.