27 April 2026.- The EIB Group – made up of the European Investment Bank (EIB) and the European Investment Fund (EIF) – and Instituto de Crédito Oficial (ICO) have invested in a securitisation fund by Unión de Créditos Inmobiliarios (UCI), the RMBS fund Prado XII. UCI is a joint venture between Banco Santander and the BNP Paribas Group.
With this operation, the three institutions will promote new financing solutions to boost energy renovation and investment in housing and the acquisition of near zero emissions homes – helping make the housing stock more efficient, sustainable and better prepared for the climate challenges facing the Iberian Peninsula.
The EIB Group is providing a total investment of €225 million. Of that, the EIB will contribute €150 million, and the EIF €75 million in the most senior tranche.
ICO will invest €100 million in this second transaction between the three parties, through the securitisation of a portfolio of residential mortgages originated in Spain.
With the resources mobilised, UCI will be able to originate new sustainable loans for individuals and homeowners’ associations investing in renovation. The primary focus will be renovating the existing stock, but mortgage loans for acquisition of energy efficient homes can also be financed.
The operation will contribute directly to climate change mitigation, and is aligned with the European Commission’s Renovation Wave and the EIB Group’s strategic climate action priority, set out in the EIB Group 2024-2027 Strategic Roadmap and the Climate Bank Roadmap Phase 2 2026-2030.
Prado XII is an RMBS (residential mortgage‑backed security) fund that complies with the STS criteria (simple, transparent and standardised) set out in the EU Securitisation Regulation (2017/2402). The operation also meets the requirements of the CRR (Capital Requirements Regulation) and LCR (short‑term liquidity coverage ratio), making it more reliable for investors.
Technical note
In this true‑sale securitisation, the EIB Group and ICO are acquiring a part of the senior tranche of a €650 million loan portfolio of performing mortgage loans. UCI retains the mezzanine and junior tranches.
Key features of the transaction include pro‑rata amortisation of all tranches, switching to accelerated amortisation from the step‑up date five years after issuance; a cash reserve to protect investors against interest shortfalls; and mechanisms to defer interest payments on the mezzanine and junior tranches in the event of a deterioration in performance.
