Bancaja 10 Fondo de Titulizacion de Activos

As Spain's third largest savings bank, Bancaja is primarily a commercial bank although over the
years it has expanded into other business areas including private banking and real estate activities.
This will be the first offering of the year to come out of Spain.

The collateral consists of 21,616 first-lien residential loans granted to individuals, with average sea-
soning of almost 1yr, and a current LTV of 76.50%. The average loan size is Eur145,000, with the
four main geographical regions being Comunidad Valenciana (38.35%), Catalonia (14.65%), Andalucia
(14.25%) and Madrid (10.0%).

The initial price guidance levels were revised from 13a/30a/low 50s/200-220bps to 12a/27-28/50-51/
190-200bps with the deal finally printing at the tight end of these revised guidance levels. The pricing
levels on the AAA notes resulted in an average cost of funding of +12.23bps for a 5.78yrs average
life. This is in line with the 12.2-12.5bps secondary trading levels recently seen for AAA 5yrs Spanish
RMBS. The +27bps print on the single A notes is the same level seen in Bankinter 13 which had a slightly
longer average life (10.52yrs).


Compare/contrast: Bancaja 9, BankInter 13