Report title: Analysis of the Spanish Mortgage Covered Bonds Framework
from Fitch Research
11 page (5811 word) report published Jul 03, 2009

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...Although the first Spanish mortgage covered bonds (CTdulas Hipotecarias, CHs) date back as far as 1861, the modern concept and features of this secured debt instrument for financial institutions were introduced in the early 1980s by the Spanish legislators through Law 2/1981 of 25 March (Ley de regulaci=n del mercado hipotecario, Law 1981) and its associated Royal Decree 685/1982 (RD 1982). They established the basic framework for the issuance of this type of bonds in Spain. The general scope of the law was to regulate the Spanish mortgage market and particularly in relation to the issuance of CHs as a funding tool expand the range of entities which could become issuers and trade in secondary markets (restricted up to 1975 to the Banco Hipotecario de Espa±a, a public nature entity), determine the characteristics of the loans serving as cover, and establish the official bodies in charge of the supervision of the issuance process. The CHs regime was first affected by the introduction of...

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