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Ahorro Corporación
Ahorro y Titulización
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Introduction

What is AyT Cédulas Cajas?

Is the Covered Bond funding tool for the Spanish Savings Banks shareholders of Ahorro Corporación since 2001, through which they have become into one of the biggest Covered Bonds issuers in Europe.


Since December 2005, Savings Banks have issued under a Global AyT Cédulas Cajas Programme, through different series with a fixed or floating interest rate.


Originally with a AAA/Aaa/AAA ratings from S&P, Moodys and Fitch and a Global liquidity line given by ICO, the Spanish Kingdom Agency.


Ahorro Corporación

Click here to go to the Ahorro Corporación corporate website


Ahorro y Titulización S.G.F.T.

Ahorro y Titulización, S.G.F.T, S.A, was founded the 16th of November of 1993 as a Management company of Securitization Funds, which commitments are amid others, the representation and defence of the owners of the notes issued by the Securitization Fund


Ahorro y Titulización meets all the requirements written in the Spanish law that regulates the asset securitization. The society, as a business management company, is obliged to extreme the levels of diligence and harshness in the develop of its functions, with the purpose of avoiding interest conflicts and give priority to the holders of the notes. Under that aim, Ahorro y Titulización is subjected to formal obligations and to a specific regimen by the C.N.M.V. (Spanish stocks exchange supervisor).



Cédulas Hipotecarias
(Spanish Covered Bonds)

Cédulas Hipotecarias are notes issued by a credit entity with the backing of the whole mortgage portfolio of the financial entity itself.

They've got a double guarantee, backed by the issuer and by the whole mortgage portfolio. Beyond this guarantee, there is an issuance limit of the 80% of the eligible portfolio, which is the one that have the following requirements:


- The loan granted can not exceed the 80% of the value of the asset mortgaged appraisal for the funding of the construction, rehabilitation o acquisition of housing, and a 60% limit for the rest of mortgage loans.


- The house has to be assess by an independent appraisal company.


- The property has to be registered in the Property Register.


- The mortgages have to be constituted over assets that belong completely to the borrower.


- The assets over the ones the mortgage is conceded, needs to have an insurance policy, that covers at least the appraisal value.