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Green Storm 2017 BV: 02 June 2017


Another static cash securitisation of residential mortgage loans extended to borrowers located in the Netherlands from originator Obvion, and the second to carry the “green” label.

Green Eligibility Criterion - Each of the Mortgage Loans will meet the following criterion: the Mortgaged Asset on which the relevant Mortgage Loan is secured is assigned either: (i) a Definitive Energy Performance Certificate A; or (ii) a Provisional Energy Performance Certificate A and has a construction year of 2002 or later; or (iii) any Energy Performance Certificate B and has a construction year of 2002 or later; or (iv) a Definitive Energy Performance Certificate C or a Definitive Energy Performance Certificate B and realised a calculated improvement of an energy performance certificate (energielabel) as issued by the RVO by at least two notches. However, Obvion does not differentiate their mortgage terms based on energy efficiency, so in practical terms the portfolio is no different to previous Storm transactions.

At the cut-off date the portfolio consisted of 2,560 loans (in 5,689 loan parts) secured by mortgages on owner-occupied residential properties located in the Netherlands. The average principal balance (per borrower) is Eur237,331. Guarantee type : NHG 26.41%, non-NHG 73.59%. Redemption type (by current balances): Interest only 52.49%, Annuity 26.37%, Bank savings 8.35%, Savings 4.27%, others 8.52%. Interest payment type: fixed 93.79%, floating 6.21%. The weighted average CLTIMV is 81.69%, the WA CLTOFV is 92.09% and the WA seasoning is 3.73 years. Geographical distribution: Noord-Brabant 18.21%, Noord-Holland 14.98%, Zuid-Holland 15.22% and Gelderland 12.09%.

CRR 405: The Seller, as originator, has undertaken that, for as long as the notes are outstanding, it will at all times retain a material net economic interest of not less than 5% in the securitisation transaction in accordance with each of article 405 of the CRR, article 51 of the AIFMR and article 254 of the Solvency II Regulation. As at the Closing Date, such interest will be comprised of an interest in the first loss tranche, in this case the Class E Notes and, if necessary, other tranches having the same or a more severe risk profile than those sold to investors.

Compare/contrast: Green Storm 2016, Essence VII B.V, Storm 2017-I B.V