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Residential Mortgage Securities No 30 plc: 28 July 2017


Another transaction via the RMS label (very similar to RMS 29), where on this occasion the Issuer will make payments on the Notes from payments of principal and revenue received from a portfolio comprising mortgage loans originated by the Originators and secured by first, second and third ranking security over residential properties located in England, Wales and Scotland which will be purchased by the Issuer from Kayl on the Issue Date. Please note, substitution of the loans contained in the Mortgage Pool may occur in accordance with the terms described in the prospectus.

At the cut-off date (30 April 2017) the portfolio consisted of 5,217 loan parts (First Lien – 4,393; Second Lien 824). The majority (99.85%) of this initial pool was previously securitised in earlier Kensington transactions: Residential Mortgage Securities 21 plc (29.81%), Residential Mortgage Securities plc 22 (37.58%) and Money Partners Securities 4 plc (32.47%).

The average balance is £84,264 and the largest is £985,295. Borrower income verification (by current balances): Self-certified – 72.52%, verified – 27.48%. Borrower type: owner-occupied - 94.97%, BTL -5.03%. Interest Rate Type: apart from three loans, all are at floating rates of interest. Repayment Type: Interest Only - 69.46%, Repayment - 28.65%, Part & Part -1.89%. Months in Arrears: Current - 72.69%, 1.00 to 1.99 Arrears - 7.19%, 2.00 to 2.99 Arrears - 4.44%, 3.00+ Arrears – 15.69%. County Court Judgements: None – 81.81%, 1 CCJ – 11.94%, 2+ CCJ – 6.26%. The WA current LTV is 73.37% (original LTV was 76.94%) and the WA seasoning is 135.45 months. Regional concentration (by current balances): Greater London - 19.30%, South East - 16.59%, North West - 13.44%, the West Midlands - 10.69% and Yorkshire & Humberside - 8.79%.


CRR 405: CRR 405: Kayl Holdco S.à r.l. will undertake that it will retain on an ongoing basis, as an originator within the meaning of Article 405(1)(d) of Regulation (EU) No. 575/2013 of the European Parliament, a material net economic interest of at least 5% in the securitisation in accordance with the CRR and Article 51(1)(d) of the AIFMD Level 2 Regulation and Article 254(2)(d) of the Commission Delegated Regulation (EU) 2015/35. In order to satisfy the EU Retention Requirement on the Issue Date, Kayl Holdco will hold exposure to the F3 Notes and the Z Notes in an amount such that the total nominal value of exposure to the F3 Notes and the Z Notes held by it is at least equal to 5% of the nominal value of the Mortgage Pool as at the Issue Date.

Kayl Holdco, as a "sponsor" for the purposes of the U.S. Risk Retention Rules, is required under the U.S. Risk Retention Rules to acquire and retain (either directly or through a majority-owned affiliate) at least 5% of the credit risk of the securitised assets of the Issuer. Kayl Holdco (in such capacity the "U.S. Risk Retention Holder") intends to comply with the requirements by acquiring on the Issue Date and retaining, either directly or through a majority owned affiliate, the U.S. Risk Retained Interest in the form of an eligible horizontal residual interest equal to at least 5% of the fair value of the Notes and Certificates as determined under the generally accepted accounting principles of the U.S.

Volcker Rule: The Issuer is of the view that it is not now a “covered fund”, nor will it be immediately following the issuance of the notes and the application of the proceeds thereof.


Compare/contrast: RMS 29, Castell Finance 2017-1, Stanlington No.1 plc