Portugal’s first synthetic securitsation on tap

The underlying portfolio, called Promise Caravela, comprises 7,369 loans to SMEs amounting to €3.5 billion exclusively generated in Portugal. The transaction is arranged by Merrill Lynch International and BCP Investimento.

For the securitisation KfW will initially assume the default risk of the underlying credit portfolio of BCP. Under the leadership of Merrill Lynch and BCP Investimento, the risk will then be placed in the international capital and swap markets.

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