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Presale: PROVIDE-A 2006-1 GmbH Dec 06 Product Image

Presale: PROVIDE-A 2006-1 GmbH Dec 06

  • ID: 1831382
  • December 2006
  • Standard & Poors

Abstract
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:
- KfW
- UniCredit Bank AG

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

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