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Green Apple 2017-1 NHG: 07 October 2017


After an absence of almost nine years, the name Green Apple is revived. The Issuer will make payments on the Notes from, inter alia, payments of principal and interest received from a portfolio solely comprising of mortgage loans with the benefit of an NHG Guarantee originated by the Seller (Argenta Spaarbank NV) and secured over residential properties located in the Netherlands. Legal title of the Mortgage Receivables will be assigned by the Seller to the Issuer on the Closing Date.

The portfolio consists of 8,666 loans (10,963 loan parts), where the average principal balance per borrower is Eur156,465 and the largest is for Eur304,580. All the mortgage loans have the benefit of an NHG Guarantee and all are owner-occupied properties. Redemption type (by current balances): annuity 88.3%, interest-only 6.9%, and linear 4.8%. Interest rate type: fixed 98.1%, floating 1.9%.

The WA LTMV-CLTOMV is 90.99% (indexed 80.79%), the WA LTFV-CLTOFV is 106.93 (indexed 94.95%) and the WA seasoning is 2.54 years. Regional concentration: Zuid-Holland 21.8%, Noord-Holland 21.2%, Noord-Brabant 13.9% and Gelderland 9.9%.

CRR 405: The Seller has undertaken to retain, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation transaction as described in the Prospectus in accordance with Section 405 of the CRR, Section 51 of the AIFM Regulation and Section 254 of the Solvency II Regulation.

U.S. Retention undertaking: The Seller does not intend to retain at least 5 per cent of the credit risk of the securitised assets for purposes of compliance with the U.S. Risk Retention Rules, but rather intends to rely on a 'foreign safe harbour' exemption for non-U.S. transactions provided for in Section_. 20 of the U.S. Risk Retention Rules regarding non-U.S. transactions that meet certain requirements.


Compare/contrast: Green Apple 2008-1 NHG, EDML 2017-1 B.V, Storm 2017-II B.V