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Spanish bank Caixa d'Estalvis de Catalunya is preparing to launch a Eu150m securitisation backed by loans originated under state funding agency Instituto de Credito Official's line of credit for small and medium sized enterprises (PYME).
Jointly lead managed by JP Morgan and Caixa Catalunya, Pymecat-1 is expected to be launched on January 15.
The transaction will offer five tranches, comprising four soft bullet senior notes and a junior class that will begin amortising once its outstanding balance represents more than 10%...