Structured Finance SME CLOs
Outlook: No Trend
Action date: 10/22/2020
Rating action: Downgrade

Alhambra SME Funding 2019-1 DAC Class C

Alhambra SME Funding 2019-1 DAC (the Issuer) is a Collateralized Loan Obligation (CLO) comprising a static pool of unsecured SME and Midcap corporate loans structured under Irish legislation. The collateral comprises a portfolio of unsecured loans grantes to SME and MIDCAP companies located in Spain that were originated by Be Spoke Capital Ireland (BCI). The purpose of the loans falls under one of the following categories: capital expenditures, working capital management or the refinancing of existing debt. The transaction has been structured by Natwest Markets (Arranger and, togetherwith JP Morgan, Joint Lead Managers) with the issuance of 7 tranches. The notes provide interest on a monthly basis (EUR1M + margin).


ISIN: XS2074551487
Date last rating: 10/22/2020
Date first rating: 11/21/2019