Bancaja 11 Fondo de Titulizacion de Activos

Issued just 6mnths after their visit to the market, Bancaja 11 follows the tried and trusted method
which has been in evidence since the first issue which closed in July 1997 (offering circulars for
all previous deals available on EuroABS).

The collateral pool consists of 15,128 loans granted to individuals secured by a first-lien mortgage
guarantee. All have been made at floating rates of interest, and all being serviced via monthly
instalments. As is the norm with regional franchises, there is geographical concentration seen in
the portfolio, with Valencia (34.4%) and Catalonia (14.5%) accounting for almost half of the pool.
Average seasoning is 12mnths, with a current WA LTV of 75.84% (note that 32.88% of the pool
has a LTV of over 80%).

The negative sentiment seen across all sectors (apart from UK Prime) of the market in recent
weeks certainly affected pricing, with the deal coming slightly inside guidance (at 17), but still 5bps
wider than their last deal.


Compare/contrast: previous Bancaja RMBS deals, Rural Hipotecario IX, TDA CAM 9,

Bancaja 10Rural Hipotecario IXTDA CAM 9