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Pontormo Mortgages (2017) S.r.l: 01 December 2017


An Italian RMBS securitisation, with the originators being two regional banks.

Banca di Pisa e Fornacette Credito Cooperativo S.c.p.A. is an Italian cooperative retail bank. The bank’s operations are geographically concentrated in the municipalities of Pontedera, Cascina and Pisa, all of which fall within the province of Pisa and the region of Tuscany in Central Italy. It has 24 branches and the bank had total assets of EUR 2,274.2 million at the end of 2016.

Banca Cambiano 1884 S.p.A. is an Italian private limited company headquartered in Florence and with operations mainly in the provinces of Florence, Pisa and Siena, all of which fall within the region of Tuscany. Banca Cambiano 1884 S.p.A. currently has 42 branches and the bank had total assets of approximately Eur 3.71 billion at the end of 2015 and 3.18 billion at the end of 2016.

Eligibility criteria (includes): Mortgage Loans denominated in Euro and deriving from Mortgage Loan Agreements which do not provide for the possibility to switch into a different currency; the Mortgage Loan Agreements are governed by Italian law; are secured by a Mortgage on one or more Real Estate Assets located in Italy, the Mortgage Loan Agreements provide for monthly, quarterly or semi-annual instalments; at least one Instalment, including interest and principal quota, has been paid.

The portfolio consists of 8,087 mortgage loans advanced to 7,812 borrowers, where the average current balance is Eur86,017 and the largest loan is for Eur1.106mln. Originator (by no. of loans / current balance): Banca Cambiano Portfolio 5,506/66.5%; Banca di Pisa e Fornacette Portfolio 2,581/33.5%. The portfolio is highly granular with the top borrower accounting for just 0.16% of current balances, the top 10 for 1.21% and the top 50 for 3.77%. Interest rate type: Modular 36.3%, Floating rate loan (for life) 33.9%, Floating with Cap 12.3%, Fixed with future periodic resets 9.1% and Fixed rate loan (for life) 8.4%. Amortisation Type: French Amortisation 99.8%. The WA current LTV is 50.55% (original WA LTV was 62.63%). Regional concentration: Toscana 97.9%.


Significant investor: The Originators will, on the Issue Date, subscribe all of the Notes. It is the intention of the Originators, as initial holders of the Notes, to use the Rated Notes, in full or in part, as collateral in repurchase transactions and/or as collateral in connection with liquidity and/or open market operations with the European Central Bank.

CRR 405: Each of the Originators undertakes that it will retain at the origination and maintain on an ongoing basis a material net economic interest of at least 5% in the transaction in accordance with option (1)(d) of Article 405 of Regulation (EU) No. 575/2013, option (1)(d) of Article 51 of the Commission Delegated Regulation (EU) No. 231/2013 of 19 December 2012 and option 2(d) of Article 254 of Regulation (EU) No. 35/2015. As at the Issue Date, such interest will be comprised of an interest in the first loss tranche (being the Junior Notes).

Compare/contrast: Pontormo RMBS S.r.l (Redeemed), 2017 Popolare Bari Mortgages S.r.l