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Essence VII B.V: 21 May 2017

Essence VII B.V initially contained a mortgage portfolio of 3,319 loans that amounts to €671mln. The initial portfolio consists of mortgages with life insurance, annuity mortgages, investment mortgages, linear mortgages, hybrid mortgages and interest only mortgages. Each of the 5 sellers is a wholly owned subsidiary of NIBC Bank N.V.

The issuer can redeem at its option all but not some of the Notes on each Payment Date from 9 May 2024 onwards. If the Notes are not redeemed a step-up margin will apply for the Class A Notes, Class B Notes and Class C Notes. The Final Maturity Date of the notes is 9 May 2057.

Payments of principal and interest will be made on the 9th day of each calendar month, or on the next business day if the 9th is not a business day. The Class A Notes, Class B Notes and Class C Notes carry a fixed interest rate. Principal (p)repayments are passed through in order of seniority beginning with the Class A Senior Notes.
(edited from the NIBC website).

CRR 405: NIBC has undertaken that, for as long as the Notes are outstanding, it shall retain, on an ongoing basis, a material net economic interest in the securitisation which shall in any event not be less than 5%, in accordance with Article 405 CRR.

Volcker Rule: The Issuer is not, and will not be, a “covered fund” for purposes of regulations adopted under Section 13 of the Bank Holding Company Act of 1956.

Compare/contrast: Essence VI, Lowland Mortgage Backed Securities 4 BV, Delft 2017 B.V.