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Penates Funding NV - 6: 18 May 2017

After an 18 month gap, originator Belfius (and its legal predecessors Bacob Bank CV and Gemeentekrediet van België NV) brings to market a new static securitisation transaction of prime residential loans issued to individual borrowers in Belgium. Belfius Bank is wholly owned by the Belgian federal state through the Federal Holding and Investment Company (FHIC).

Penates Funding NV has been established as a special purpose vehicle or entity for the purpose of issuing asset backed securities.

Eligibility criteria (include): each loan has been granted with respect to real property located in Belgium; no Loan has an origination date prior to 1 January 2000; the Loans are either Annuity Mortgage Loans, Linear Mortgage Loans or Progressive Mortgage Loans; each Loan is granted under a Credit Facility; on the Cut-Off Date, each Loan was secured by a first-ranking Mortgage on an owner-occupied Mortgaged Property; the proceeds of each Loan have been fully released and the seller has no further obligation to release further funds relating to the loan.

The portfolio consists of 84,997 fixed-rate loans advanced to 60,900 borrowers, where the average balance per borrower is Eur112,716. Loan purpose (by current balances): Purchase of real estate 48.83%, Refinancing 36.76%. Mortgage type: annuity 96.45%, progressive 2.23% and linear 1.32%. The WA current LTCV is 62.22% (initial WA ILTIV was 78.12%), and the WA seasoning is 2.41 years. Regional concentration: Antwerpen 16.33%, Oost-Vlaanderen 12.85%, Vlaams-Brabant 10.73%, Hainaut 10.71% and Liège 10.30%.

CRR 405: The seller undertakes to retain a material net economic interest of not less than 5.0% in the securitisation transaction contemplated in the prospectus and in the Transaction Documents for as long as the Class A Notes have not been redeemed in full. As at the Closing Date, such interest will, in accordance with Article 405 and Article 51, be comprised of an interest in all the Class B Notes and all the Class C Notes.

Compare/contrast: Penates 5, Loan Invest NV (Compartment Home Loan 2016)