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Securitisations
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BES has concluded to date, twelve securitization transactions of which three have already matured and 9 are current. Out of these outstanding transactions seven were placed in the market and two were fully retained by BES.
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| In December 2007, BES Group executed its eleventh (first in project finance) securitization transaction, having sold to Lusitano Project Finance No.1 FTC, a portfolio of project finance in the amount of exceeding €1 billion.
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| Lusitano Project Finance No.1 FTC financed this acquisition through the issue of participation units, entirely subscribed by Lusitano Project Finance No.1 Limited and financed through the issue of five classes of notes. The notes issued were fully retained by several BES entities.. |
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| Prospectus |
Download PDF |
| In September 2008, BES Group executed its twelfth (seventh in mortgage) securitization transaction, having sold to Lusitano Mortgage No.67 Fund, a portfolio of mortgage loans in the amount of € 1.9 billion.
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| Lusitano Mortgage No.7 Fund financed this acquisition through the issue of participation units, entirely subscribed by Lusitano Mortgage No.7 PLC and financed through the issue of three classes of notes. The notes issued were fully retained by several BES entities.
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| Prospectus |
Download PDF |
| In July 2007, BES Group executed its tenth (six in mortgage) securitization transaction, having sold to Lusitano Mortgage No.6 Fund, a portfolio of mortgage loans in the amount of € 1.1 billion.
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| Lusitano Mortgage No.6 Fund financed this acquisition through the issue of participation units, entirely subscribed by Lusitano Mortgage No.6 PLC and financed through the issue of five classes of notes in the international markets. |
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| Prospectus |
Download PDF |
In November 2006, BES Group performed its ninth (first in SME) securitization transaction, having sold to Lusitano SME No. 1 Fund, in the amount of € 863 million.
Lusitano SME No. 1 Fund financed this acquisition trough the issue of participation units, entirely subscribed by Lusitano SME No. 1, Plc that financed itself through four classes of bonds issued in the international financial markets.
Lusitano SME No.1 Fund has the sole activity of owning the portfolio acquired to BES, and Lusitano SME No. 1, Plc's activity is holding the participation units in Lusitano SME No.1 Fund.
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Notes issued by Lusitano SME No.1, Plc. |
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Class A1 |
Class B* |
Class C |
Class D |
Class E |
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Rating
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Fitch Ratings
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AAA |
AAA |
BB |
NR |
NR |
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S&P
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AAA |
AAA |
BB |
NR |
NR |
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Nominal Value
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€ 759.52 mn |
€ 40.97 mn |
€ 34.07 mn |
€ 28.03 |
€ 8.63 mn |
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Coupon Rate
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Euribor + 15 bp |
Euribor + 5 bp |
Euribor + 220 bp |
Euribor + 475 bp |
n.a. |
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| * Garanteed by the European Investment Fund |
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In September 2006, BES Group performed its eighth (fifth in mortgage) securitization transaction, having sold to Lusitano Mortgages No. 5 Fund, in the amount of € 1.4 billion.
Lusitano Mortgages No. 5 Fund financed this acquisition trough the issue of participation units, entirely subscribed by Lusitano Mortgages No. 5, Plc that financed itself through four classes of bonds issued in the international financial markets.
Lusitano Mortgages No.5 Fund has the sole activity of owning the portfolio acquired to BES, and Lusitano Mortgages No. 5, Plc's activity is holding the participation units in Lusitano Mortgages No.5 Fund.
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Notes issued by Lusitano Mortgages No. 5, Plc. |
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Class A1 |
Class B |
Class C |
Class D |
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Rating
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Fitch Ratings
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AAA |
AA |
A |
BBB+ |
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Moody's
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Aaa |
Aa2 |
A1 |
Baa2 |
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S&P
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AAA
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AA |
A |
BBB+ |
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Nominal Value
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€ 1 323 mn |
€ 26.6 mn |
€ 24.4 mn |
€ 28 mn |
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Coupon Rate
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Euribor + 13 bp |
Euribor + 17 bp |
Euribor + 25 bp |
Euribor + 48 bp |
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.In September 2005, BES Group performed its seventh (fourth in mortgage) securitization transaction, having sold to Lusitano Mortgages No. 4 Fund, in the amount of € 1.2 billion. Settlement date: 29-09-2005.
Lusitano Mortgages No. 4 Fund financed this acquisition trough the issue of participation units, entirely subscribed by Lusitano Mortgages No. 4, Plc that financed itself through four classes of bonds issued in the international financial markets.
Lusitano Mortgages No. 4 Fund has the sole activity of owning the portfolio acquired to BES, and Lusitano Mortgages No. 4, Plc's activity is holding the participation units in Lusitano Mortgages No. 4 Fund.
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Notes issued by Lusitano Mortgages No. 4, Plc. |
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Class A1 |
Class B |
Class C |
Class D |
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Rating
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Fitch Ratings
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AAA |
AA |
A+ |
BBB+ |
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Moody's
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Aaa |
Aa2 |
A2 |
Baa2 |
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S&P
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AAA |
AA |
A |
BBB |
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Nominal Value
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€ 1,134 mn |
€ 22.8 |
€ 19.2 mn |
€ 24 mn |
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Coupon Rate
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Euribor 3m
+0.11% p.a.
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Euribor 3m +0.18% p.a.
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Euribor 3m +0.28% p.a.
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Euribor 3m
+0.50% p.a.
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In November 2004, BES Group performed its sixth securitization transaction, having sold to Lusitano Mortgages No. 3 Fund, managed by Portucale, SGFTC, S.A. (Sociedade Gestora de Fundos de Titularização de Créditos) a mortgage portfolio in the amount of € 1.2 billion that was originated by BES.
Lusitano Mortgages No. 3 Fund financed this acquisition trough the issue of participation units, entirely subscribed by Lusitano Mortgages No. 3, Plc that financed itself through five classes of bonds issued in the international financial markets.
Lusitano Mortgages No. 3 Fund has the sole activity of owning the portfolio acquired to BES, and Lusitano Mortgages No. 3, Plc's activity is holding the participation units in Lusitano Mortgages No. 3 Fund.
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Notes issued by Lusitano Mortgages No. 3, Plc. |
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Class A1 |
Class B |
Class C |
Class D |
Class E |
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Rating
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Fitch Ratings
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AAA |
AA |
BB |
NR |
NR |
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Moody's
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Aaa |
Aa2 |
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S&P
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AAA |
A |
BB |
NR |
NR |
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Nominal Value
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€ 1.140 mn |
€ 18.6 mn |
€ 34.07 mn |
€ 28.03 |
€ 8.63 mn |
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Coupon Rate
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Euribor 3m +13% p.a.
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Euribor 3m +0.23% p.a.
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Euribor 3m +0.33% p.a.
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Euribor 3m +0.65% p.a.
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Excess
Spread
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Reimbursement
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Until October 2047 |
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| * Garanteed by the European Investment Fund |
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In November 2003, BES Group performed its fifth securitization transaction, having sold to Lusitano Mortgages No. 2 Fund, managed by Finantia, SGFTC, S.A. (Sociedade Gestora de Fundos de Titularização de Créditos) a mortgage portfolio in the amount of € 1,000 million that was originated by BIC.
Lusitano Mortgages No. 2 Fund financed this acquisition trough the issue of participation units, entirely subscribed by Lusitano Mortgages No. 2, Plc that financed itself through five classes of bonds issued in the international financial markets.
Lusitano Mortgages No. 2 Fund has the sole activity of owning the portfolio acquired to BIC, and Lusitano Mortgages No. 2, Plc's activity is holding the participation units in Lusitano Mortgages No. 2 Fund.
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Notes issued by Lusitano Mortgages No. 2, Plc. |
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Class A1 |
Class B |
Class C |
Class D |
Class E |
Class F |
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Rating
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Fitch Ratings
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AAA |
AA |
A |
BBB |
BBB- |
- |
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Moody's
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Aaa |
Aa3 |
A3 |
Baa3 |
Ba1 |
- |
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S&P
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AAA |
AA |
A |
BBB |
BB |
- |
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Nominal Value
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€ 920 mn |
€ 30 mn |
€ 28 mn |
€ 16 mn |
€ 6 mn |
€ 9 mn |
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Coupon Rate
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Euribor 3m +0.24% p.a.
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Euribor 3m +0.48% p.a.
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Euribor 3m +0.64% p.a.
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Euribor 3m +1.20% p.a.
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Euribor 3m +3.75% p.a. |
Excess
Spread
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Reimbursement
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Until December 2047 |
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In December 2002, BES Group performed its fourth securitization transaction, having sold to Lusitano Mortgages No. 1 Fund, managed by Navegator, SGFTC, S.A. (Sociedade Gestora de Fundos de Titularização de Créditos) a mortgage portfolio in the amount of € 1,000 million that was originated by BIC.
Lusitano Mortgages No. 1 Fund financed this acquisition trough the issue of participation units, entirely subscribed by Lusitano Mortgages No. 1, Plc that financed itself through five classes of bonds issued in the international financial markets.
Lusitano Mortgages No. 1 Fund has the sole activity of owning the portfolio acquired to BIC, and Lusitano Mortgages No. 1, Plc's activity is holding the participation units in Lusitano Mortgages No. 1 Fund.
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Notes issued by Lusitano Mortgages No. 1, Plc. |
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Class A1 |
Class B |
Class C |
Class D |
Class E |
Class F |
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Rating
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Fitch Ratings
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AAA |
AA |
A |
BBB |
BB |
- |
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Moody's
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Aaa |
Aa3 |
A2 |
Baa2 |
Ba1 |
- |
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S&P
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AAA |
AA |
A |
BBB |
BB |
- |
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Nominal Value
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€ 915 mn |
€ 32.5 mn |
€ 25 mn |
€ 22.5 mn |
€ 5 mn |
€ 10 mn |
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Coupon Rate
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Euribor 3m +0.28% p.a.
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Euribor 3m +0.48% p.a.
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Euribor 3m +0.65% p.a.
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Euribor 3m +1.35% p.a.
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Euribor 3m +3.9% p.a. |
Excess
Spread
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Reimbursement
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Until December 2035 |
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| In April 2002, BES carried out its third securitization transaction, having sold to Lusitano Finance No. 2 Plc a portfolio of loans in the global amount of € 450 million, composed of two portfolios: a consumer loans portfolio originated by BES, in the amount of € 150 million, and a leasing portfolio originated by Besleasing Mobiliária, in the amount of € 300 million. Lusitano Finance No. 2, Plc financed this acquisition trough a bond issue in international financial markets, secured by the portfolio of loans acquired.
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Notes issued by Lusitano Finance No. 2, Plc. |
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Class A1 |
Class B |
Class C |
Class D |
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Rating
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Fitch Ratings
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AAA |
AA |
A- |
A |
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Moody's
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Aaa |
Aa2 |
A2 |
A1 |
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S&P
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AAA |
AA |
A- |
A+ |
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Nominal Value
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€ 409.72 mn |
€ 11.25 |
€ 29.03 mn |
€ 20.25 mn |
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Coupon Rate
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Euribor 3m
+0.27% p.a.
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Euribor 3m +0.45% p.a.
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Euribor 3m +0.83% p.a.
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Excess
Spread
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Reimbursement
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Until April 2010 |
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| During the second half of 2001, BES Group performed a securitization transaction on domestic bonds and euro bonds, having sold to Lusitano Global CDO No. 1 Plc a portfolio of securities whose book value was € 1,144.3 million. These securities were recorded in the investment portfolio of the BES Group. Lusitano Global CDO No. 1 Plc financed this acquisition through a bond issue in international financial markets secured by the portfolio of securities.
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Notes issued by Lusitano Global CDO No. 1, Plc. |
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Class A1 |
Class A2 |
Class B |
Class C |
Class D |
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Rating
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Fitch Ratings
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AAA |
AAA |
AA |
A |
- |
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Moody's
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Aaa |
Aaa |
Aa1 |
A1 |
- |
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S&P
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AAA |
AAA |
AA |
A+ |
- |
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Nominal Value
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€ 350 mn |
€ 623.8 mn |
€ 42.3 mn |
€ 25.2 mn |
€ 103.0 mn |
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Coupon Rate
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Euribor 3m
+0.25% p.a.
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Euribor 3m +0.45% p.a.
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Euribor 3m +0.65% p.a.
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Euribor 3m +1.10% P.a. |
Excess
Spread until 10%
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Reimbursement
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Until December 2015 |
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| In September 1999 BES carried out its first securitization transaction, selling to Lusitano No. 1 Limited a consumer loans portfolio for the amount of €250 million. Lusitano No. 1, Ltd financed this acquisition through the issue of bonds in international financial markets, which were secured by the set of loans purchased.
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Notes issued by Lusitano No. 1, Plc. |
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Senior Notes |
Junior Notes |
Residual Certificates |
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Rating
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Fitch Ratings
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AAA |
AAA |
AAA |
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Moody's
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Aaa |
Aaa |
Aaa |
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S&P
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AAA |
AAA |
AAA |
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Nominal Value
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€ 233.7 mn |
€ 16.3 |
€ 50 mn |
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Coupon Rate
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Euribor 3m
+0.36% p.a.
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Euribor 3m +0.75% p.a.
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Excess spread
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Reimbursement
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Until September 2007 |
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