- The operation will spur investment in energy efficiency in existing homes and acquisition of new housing with near zero energy consumption.
- This is the second joint operation by the EIB Group, ICO and UCI involving the securitisation of home mortgages originated in Spain.
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 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.
Background information
EIB Group
The EIB Group is the financing arm of the European Union, owned by the 27 Member States, and one of the largest multilateral development banks in the world. In 2025, the EIB Group signed €100 billion in new financing and advisory services for over 870 high-impact projects under eight core priorities that support EU policy objectives: climate action and the environment, digitalisation and technological innovation, security and defence, territorial cohesion, agriculture and the bioeconomy, social infrastructure, strong global partnerships and the savings and investments union. Beyond long-term loans for large infrastructure, the EIB Group crowds in private investment for high-risk innovative projects and businesses, with a growing role in Europe’s markets for venture debt, venture capital, guarantees and securitisations.
In 2025, the EIB Group completed financing and investment operations in Spain totalling around €11 billion, which came alongside an additional €2.9 billion under the Regional Resilience Fund (NextGenerationEU loans).
The European Investment Fund (EIF) is the subsidiary of the EIB Group specialised in providing guarantees and equity to improve access to finance for small and medium-sized businesses and startups across Europe. Acting as an anchor investor, through its extensive network of partnering banks and investment funds, the EIF mobilises private investment and nurtures the ecosystem of venture capital funds to support innovative European entrepreneurs. In 2023, the EIF together with six Member States (France, Germany, Italy, Spain, Belgium and the Netherlands) launched the European Tech Champions Initiative, a fund-of-funds to scale up innovative startups. This initiative has already enabled the creation of 14 European venture capital mega funds and scaled up 40 companies, including 11 unicorns (with more than €1 billion in capital).
Photos of the EIB Group’s representatives and headquarters, logo files and video B-roll for media use are available here.
About ICO
Instituto de Crédito Oficial is Spain’s national promotional bank, attached to the First Vice‑Presidency of the Government and the Ministry of Economy, Trade and Enterprise. It supports innovative and sustainable business projects in Spain and other markets by granting loans and other forms of financing, contributing to sustainable growth. As a national promotional bank, it offers financing to companies, particularly SMEs and the self-employed.
About UCI
Unión de Créditos Inmobiliarios is a financial entity with 30 years of experience operating in Spain, Portugal, Greece and Brazil (with the help of Provincia Group). It has over 500 employees, more than €9 billion in outstandings and over 190 000 customers. Its mission is to promote a sustainable way of living through responsible, transparent and tailored financing solutions. UCI uses its mortgages and renovation loans to individuals and condominiums to facilitate access to housing and contribute to the renovation of real estate stock to create more sustainable cities. UCI has issued more than €6.5 billion in RMBS of the highest quality through its Prado and Belém programme since 2015.