Getin Noble Bank drops plans to securitize CHF mortgage portfolio

Poland-based Getin Noble Bank SA terminated preparations for its planned synthetic securitization of a foreign currency mortgage portfolio worth at least CHF750 million.

The bank said Feb. 3 that it received offers from 11 investors regarding the deal, but they did not meet its expectations. It also noted that market conditions impeded the transaction.

Getin Noble also terminated an agreement with J.P. Morgan Securities PLC, which acted as an arranger of the planned transaction. The lender said, however, that it will continue efforts to securitize its CHF mortgage portfolio and hopes it will soon be able to approach potential investors with a new proposal.