Standard & Poor's Ratings Services has assigned preliminary credit ratings to the €340.2 million floating-rate credit-linked notes to be issued by PROVIDE-A 2006-1 GmbH. PROVIDE-A 2006-1 is structured as a synthetic, partially funded RMBS transaction. Its purpose is to transfer credit risk associated with a pool of residential mortgage loans that are currently on Bayerische Hypo- und Vereinsbank AG's (HVB's) balance sheet. The transaction aims to provide economic and regulatory capital relief to HVB. The initial reference pool amounts to approximately €2.9 billion. The risk transfer will be achieved by a bank guarantee, divided into a senior and a mezzanine tranche, entered into between HVB and KfW to obtain credit protection regarding their reference claims. The issuance of credit-linked notes...
Companies mentioned in this report are:
- UniCredit Bank AG
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